Abstract: A dynamic payout system and method for a gaming machine permit the random selection of a payout for a particular game outcome from a predetermined range of payout amounts. The player is provided with a range of possible payouts that may be paid upon the occurrence of a particular game outcome. When the player initiates game play, an input-output interface generates an initiate signal. A game control microprocessor, in response to the initiate signal, randomly selects a game outcome that includes a metered winning game outcome. If a winning game outcome occurs, the microprocessor then randomly selects a payout amount from a predetermined range of payout amounts stored in memory, which includes metered payout amounts. A meter display displays the metered payout amount. A payout device such as a coin hopper dispenses the metered payout amount.