A gaming system for conducting a wagering game includes a progressive jackpot awarded in response to a jackpot win event. The gaming system includes a first gaming machine linked to the progressive jackpot, the first gaming machine accepting a first wager. The gaming system further includes a second gaming machine linked to the progressive jackpot, the second gaming machine accepting a second wager that is greater than the first wager. A first player making the first wager at the first gaming machine is awarded the progressive jackpot if the jackpot win event is associated with the first gaming machine. A second player making the second wager at the second gaming machine is awarded the progressive jackpot plus an expected value equalizing award if the jackpot win event is associated with the second gaming machine.