A wagering game utilizing multiple dice is disclosed. In an electronic gaming machine embodiment, a player causes five dice to be rolled a first time. The player then selects which dice to hold and discard and re-roll. The discarded dice are re-rolled and a sum of the five dice determines a payout. Larger payouts are provided for small and large sums with moderate sums resulting in losing wagers. Outcomes of five of a kind trigger a bonus round. Bonus rounds are played in similar fashion to non-bonus rounds. A system of tiered bonus rounds facilitate jackpots, including progressive jackpots. In an alternative bonus round embodiment, players are able to select a level of risk/reward related to a winning outcome. The player may select levels corresponding to conservative, aggressive and high-risk. A live table game version of the game is also implementable.