A gaming device such as a video based slot machine provides a player the ability to modify at least one parameter of the slot machine. The slot machine then modifies other parameters to ensure a desired house advantage. Odds, payout schedules and wager amounts may be customized by a player, and the slot machine automatically determines changes in other parameters which were not customized to maintain a constant house advantage. Software running on the slot machine uses an equation that takes into account pertinent parameters or variables such as size of jackpot, amount wagered taken in at each pull, and probability of hitting the jackpot at each pull. Based on the equation, the software adjusts parameters other than the one(s) specified by the player so that the outcome (the house advantage) remains constant with each pull. A player interface provides an easy to use method of modifying selected parameters.