A simple bingo game organized in small hall rewards cash prizes worth anywhere from $50-$100. But this is only bingo played at its lowest and purest form. Bingo, when played with high stakes, can offer up to $1 million as cash prizes in Native American reservations or casinos. It is not necessary the title may only be in cash. Rewards can also be awarded in the form of cars, beautiful fully paid luxurious holiday trip or even novelty prizes. In a specific restaurant in New York, they serve free margaritas to the winners.
The size of a typical jackpot is determined on how much money is coming in. Majority of the halls are demanded to pay out a minimum of 50-60 percent of the money they take in. Similarly, the total amount of money they can offer per game or session is often limited by local or state rules. In certain states such as Georgia, halls cannot provide more than $1,100 on a single night. On the other hand, states like Louisiana offer more generous amounts such as up to $4,500 per session.
A progressive jackpot is a type of prize offered that keeps growing from game to game until eventually, somebody wins it. The house commences a progressive game by seeding the pot with attractive amounts of money. In order to gain it, the player is required to encounter an extraordinary win such as a blackout which means covering every space present in the bingo card within 49 balls. In case no one wins, the house sweetens the pot by adding more amounts of money. This could lead to the jackpot being getting bumped by $100 per game over many weeks and sessions.
Sometimes, a progressive jackpot can get so attractive and significant that the bingo hall by law is required to cap or limit it leading to the same prize level until and unless someone wins it. In states such as Michigan, there is no limit as up to how much money a player can earn.
As a result of such extravagant prizes being offered in bingo, it has enabled the game to expand into a more lucrative game. As of recently in the bingo world, the new exciting phenomenon is the spread of high stake games. There is competition between halls to host and set up games with a promise to offer over anywhere from $50,000, $100,000 and even $1 million to a lucky winner.