The gaming system and method disclosed herein provides and tracks bonus event eligibility points accumulated by players playing the gaming devices in the gaming system. Upon a triggering of a bonus event, the gaming system generates, for each bonus event eligibility point accumulated for each player, a random number from a predefined range of numbers. The gaming system determines which one of the accumulated bonus event eligibility points is the designated bonus event eligibility point, such as by determining which bonus event eligibility point is associated with the highest valued random number generated. The gaming system then enables the player that accumulated the designated bonus event eligibility point to participate in the bonus event. In the bonus event, one or more awards are provided to the player that accumulated the designated bonus event eligibility point.