Chip-Based Gaming includes methods for playing electronic games of chance or skill that provide players with a greater number of options and greater wagering flexibility than previous methods have afforded them. In the present Chip-Based gaming model, players may select virtual betting chips from an onscreen palette and apply those chips to various wagering opportunities throughout a game. Using this model, players are able to make individual bets on each of a slot machine's paylines or wager on making specific hands in Video Poker. Players are also able to buy and/or wager on symbol "nudges" and to buy symbol "re-spins" within a multi-line slot machine, options which provide the player with a much richer, more flexible gaming experience than he or she had heretofore enjoyed.