A method of conducting a wagering game using dice is disclosed. The method is ideally suited for video-based machines or Internet-based applications. However, it may be conducted in a live environment. Dice comprising multiple characteristics (e.g., values and colors) are used to generate random outcomes. Players may place wagers on value outcomes and color outcomes. Multiple groups of distinct dice may be used to create a game matrix having multiple pay lines which afford players multiple wager options. In one electronic version five dice are used. A player places a wager and then four of the five dice values are generated and revealed. With four of the five values known, possible winning outcomes are highlighted from a pay table listing all winning outcomes. In this version, there are always possible winning outcomes after four of the five dice have been revealed. Bonus trigger outcomes are also discussed.