How to Set a Bingo Pay Out

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The game of bingo is a casino or gambling game. Though it is commonly considered a gambling game, it is also played in school classrooms as a fun activity for children, as a fundraiser for organisations, or to entertain at personal parties. When winning the game results in a prize or payout, the individual running the game must set the payout beforehand so that everyone playing is aware of the potential prizes and the rules to obtain one.

Look up the state laws relating to bingo payouts. Each state is different in its regulations regarding gambling and prizes. For example, the state of Colorado limits total payouts for a single bingo session to £1,300. The state stipulates only that when bingo is played, the total prizes cannot exceed the £1,300 total, but the amount in each winning payout is determined by those giving the prizes. It is important to find out the laws to prevent accidentally exceeding the laws.

Set the cost of the bingo card. Card costs will often determine the total prize. If the card has a low cost and only a few people are playing, the prize will also be low. If the cost of the card is higher or there are several individuals purchasing cards, the prize is accordingly higher.

Select a bingo game to play.Classic bingo requires getting five number/letter combinations in a row, either down a row, across a row or diagonal. There is also bingo blackout, which requires getting all of the card covered, and four corners, where the goal is covering the four corners of the card. A blackout game should have higher prizes because it is harder to get all of the numbers and takes longer to finish.

Select a prize. Depending on the purpose of the game, prizes and payouts will vary. The payout might be an amount of money, or it might be an item. The exact payout should be determined partly by the type of event and by the amount made in the event. If the game is used for fund-raising, the payout can be an item. If it is a gambling game, the payout should be money. In some games, payout is determined by a percentage rather than a set amount.

Inform all of the players what the prize is before they purchase the bingo card. This will prevent any misunderstandings or problems.

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