A gaming system offers players the opportunity to play a skill-based challenge and bettors to place wagers based on events or outcomes in the skill-based challenge. A gaming system includes a processor, a display device, an input device and a memory device storing a plurality of instructions which, when executed by the processor, cause the processor to operate with the display device and the input device, for a play of a wagering game, to perform operations. Operations include receiving, from a bettor, a wager that corresponds to a selected player of a plurality of players in a skill-based challenge, determining that the selected player has achieved a threshold outcome in the skill-based challenge, awarding a bettor monetary prize to the bettor in response to the selected player achieving the threshold outcome in the skill-based game, and awarding a player monetary prize to the selected player.