Gaming system and method for skipping bonus events in exchange for sporting event wagers

A method of operating a gaming system, the method comprising:

• responsive to an occurrence of a triggering event associated with a play of a game:
• responsive to an occurrence of a first event:
• determining, by a processor, a first award amount based on a theoretical award amount associated with the play of the game, and
• communicating, by the processor, data that results in a display device displaying the first award amount, and
• responsive to an occurrence of a second, different event:
• causing, by the processor, a sporting event wager to be placed on an outcome of a sporting event, wherein an amount of the sporting event wager is based on the theoretical award amount associated with the play of the game, the outcome of the sporting event is determined independent of the processor and the outcome of the sporting event is based on any action of a participant of the sporting event, and
• causing, by the processor, a sporting event wager ticket associated with the placed sporting event wager to be available.