A gaming apparatus includes a player terminal operable by a player to simulate a slots game, and a random event generator for generating a random event upon which an outcome of the slots game is based. The slots game has a plurality of successful outcomes, each successful outcome causing the player to win a corresponding prize. A wagering facility enables the player to place a wager on the occurrence of any specific successful outcome of the slots game, or to make a plurality of different wagers, each corresponding to a different specific one of the successful outcomes of the slots game. The different specific successful outcomes include a favourable outcome and a number of intermediate outcomes. The player's prize corresponding to the favourable outcome is a jackpot prize, while that corresponding to an intermediate outcome is repayment of the player's wager at fixed odds inversely proportional to the probability of that intermediate outcome occurring. The wagering facility enables the player to designate a size of an overall wager, the overall wager being applied as equal wagers on the occurrence of each one of the successful outcomes of the slots game.