A gaming device such as a video based gaming device provides a player the ability to modify at least one element of the gaming device. The gaming device may then modify other elements to ensure a desired house advantage. The probability of occurrence for one or more outcomes, the payout corresponding to one or more outcomes, and the wager amount required to play a game, may be modified by a player. The gaming device may then automatically determine changes in the values of other elements in order to maintain a constant house advantage. The player may also impose constraints on the value of one or more elements so that the gaming device cannot change the constrained elements in maintaining the house advantage. Software running on the gaming device may use an equation that takes into account pertinent elements such as the size of the jackpot, the size of the wager needed to play each game, and probability of hitting the jackpot during a game. Based on the equation, the software may adjust elements other than the element(s) specified by the player so that, for example, the house advantage remains constant with each game. A player interface provides an easy to use method of modifying selected elements.