Wagering game with game-play enhancements having known expected values

A gaming system and method for conducting a wagering game includes a powerup feature. A wager input receives a wager from a player to play a single play of a wagering game. At least one display displays a plurality of reels with symbols. A controller is coupled to the wager input and the at least one display. The controller is operative randomly generate an outcome of the wagering game from a plurality of wagering game outcomes. The controller displays the randomly generated wagering game outcome on the plurality of reels. The plurality of outcomes includes the award of a powerup to a player. The powerup allows the player to activate a game enhancement feature on a future play of the wagering game. The plurality of wagering game outcomes can also include a credit award. A player may select the credit award or an offered powerup.