Method and system are disclosed for conducting a wagering game having increased excitement and enjoyment over existing wagering games. The method and system involve a bank of wagering game terminals connected to a bank controller. Each wagering game terminal allows players to play a basic wagering game that is independent of other wagering game terminals. The wagering game terminals also allow players to play a bonus game where players take turns playing to win a portion of a jackpot. The portion awarded to each player may be the actual amount won by that player, or it may be a percentage of the entire jackpot based on the actual amount won by the player relative to other players. In one implementation, only players at wagering game terminals that exceed a minimum level of wagering activity may play the bonus game.