Abstract: The present invention is related to a network based gaming system that enables a plurality of players to place wagers on a real-time game of chance being conducted in a casino via a distributed network system or, alternatively, to place wagers on a game of chance using internally generated game sequences.In the preferred embodiment of the system, a gaming machine provides a menu of a plurality of live-action board games of chance, such as roulette, craps or baccarat, from which a player selects a desired game. Once the game is selected, the player is presented a video representation of the possible bets on the gaming machine and a means for establishing a stake by either depositing currency or by accessing various credit accounts such as a credit card or casino credit line.