A gaming system and method of providing a virtual drawing or drawing promotion including a central server, one or more location servers, and a plurality of gaming devices. A player is provided with a drawing account voucher, which is associated with a drawing account. Based on game play, the drawing account is credited with drawing entries or virtual tickets for a drawing promotion. In one embodiment, the gaming system provides a number of drawing entries when a wager placed by a player meets at least a wager threshold amount, wherein the number of drawing entries provided is based on a ticket award amount. The gaming system, upon expiration of a drawing period, selects a winner of the drawing promotion by selecting a drawing entry. In one embodiment, the gaming system progressively increases the drawing prize based on the number of drawing entries provided or wagers placed by the players.