A bonus scheme for a gaming device which involves multiple award levels for any game scenario having one or more events. Several award levels can be included in a single bonus round. Preferably, various game events are associated with various award levels for a variety of purposes. When an event occurs, the game derives a bonus value from an award level specifically designated for that event. Accordingly, a game can award a player with relatively high or low bonus values, depending upon which event occurs in a game. For example for consolation purposes, the game can award the player with a relatively low bonus value when a bonus round terminates. This type of bonus scheme increases player excitement and enjoyment and generally decreases player frustration.