A gaming device includes a poker game where two cards are dealt face-up to at least one player and to a dealer. The gaming device enables the player to place an optional wager based on the initially dealt two card hand. A pay out for the optional wager is determined based on the probability that the final player hand will outrank the final dealer hand. The pay out is inversely proportional to the probability that the player will win. Therefore, if the player has a high probability of winning, the associated pay out will be relatively small. Also, if the player has a low probability of winning, the associated pay out will be relatively large. The gaming device enables the player to place multiple wagers after each of a plurality of community cards are dealt, where the associated pay out changes according to a revised probability of winning.