WHAT MONEY CAN YOU WIN AT BINGO?

Winning money at both land-based and online bingo is a distinct possibility. But how much money can you win playing online bingo?

Bingo is a fun and social gambling game where people can win money if they fill out their tickets correctly. Can the prizes at these bingo halls be substantial enough to warrant your time? Let us respond by learning how bingo payouts are calculated and about the largest payouts ever made.

HOW ARE BINGO PAYOUTS DETERMINED?

Ticket sales provide the majority of the prizes for almost every bingo hall. Most of these establishments will take 50 to 60% of their ticket sales revenue and turn it into a total cash payout. When the total revenue sales of $1 tickets reach $200, you can expect a cash prize of $80 to $100.

Even when the total ticket revenue determines the cash prize, the number of players has an impact on bingo payouts. You're probably wondering how the number of players differs from the number of tickets in play. If 50 tickets were distributed among five players, the prize would remain the same if six or ten people played with 50 tickets among themselves.

Payouts are also affected by state laws, which put a cap on the total payout for a game or event. In the state of Delaware, for example, a single game of bingo cannot pay out more than $350. When there are multiple games at a big event in Delaware, the total cash prize must be less than $3,000.

Another type of payout is a progressive jackpot, which works similarly to progressive slots in that it deducts a small amount from each session. Progressive bingo jackpots will keep growing until a lucky player meets the minimum amount set by the bingo hall.

BINGO PAYOUTS ON AVERAGE

The average price for all sessions at small bingo halls ranges from $50 to $300. Prizes at larger bingo halls can reach $1,000 or more. Significant prizes can reach more than $10,000 for specific bingo sessions in cities where gambling is legal, such as Las Vegas. This large cash prize comes from the minimum buy-ins of $4 to $7 at Las Vegas bingo halls.

When the prize pool is shared among multiple winners, the payout will be lower. A $200 cash pool, for example, is usually divided into three tiers of $100, $70, and $30 for first, second, and third place winners, respectively.

Prizes in bingo tournaments are significantly higher than in single-session games. Buy-ins for these events typically cost $100 or more, and they are also packaged with hotel accommodations for bingo games. Payouts for single events during tournaments can total $100,000 or more. These awards range from $1,000 to $10,000 for single games and more than $10,000 for significant achievements such as coveralls.

Progressive jackpots offer the highest cash prizes of any bingo game. It is not an exaggeration to say that the majority of these can exceed $100,000. There are even winners who walk away with more than a million dollars.

FIVE MAJOR BINGO WINNERS

Several lucky bingo players knew how to win, allowing them to walk away with a life-changing fortune. Five of them are listed below.

1. John Orchard: £5.9 Million

John Orchard, a former factory worker over 60 years old, would have his life changed in December 2012. Joh was playing online bingo with a 30p stake. He had no idea that small sum of money would turn him into an instant millionaire with a payout of £5.9 million that day.

He went on a spending spree with that much money, buying a family trip to Center Parcs, a Jaguar XF, a Lincolnshire home, and gifts for everyone he knows. John quit his job at the Job Center and lived off of his pay.

2. Georgios M: £5.1 Million

Georgios M, a player from Greece, did not reveal much about himself when he won the massive payout in an online bingo room. What was known about him was that he was 36 years old when he received £5.1 million. Georgios will always be remembered as one of the most prominent bingo payout winners, whether he spent his winnings on lavish luxuries like Orchard or started his own business.

3. Lisa Potter: £1.3 Million

Lisa Potter was never interested in football. Instead of watching a football match with her husband, a bored Lisa went to Ladbrokes and bet £5 on bingo. That fiver resulted in a whopping £1.3 million payout. While there is no indication of Lisa's change of heart about football matches, the massive bingo payout will allow her and her family to change their lives for the better.

4. Soraya Lowell: 1.2 Million

Soraya Lowell has a job cleaning other people's homes, which ended when she won £1.2 million at a cash bingo game. Agnes O'Neil, her bingo buddy, and she split the cash prize. Soraya spent her winnings immediately, after more than four years, and had to declare bankruptcy that year.

5. Christine Bradfield: £1.1 Million

Christine Bradfield has been going to a bingo hall near her home often for almost ten years. She received one of the best surprises of her life in January 2008, when she won £1.1 million in bingo payouts. Despite her winnings, she kept her part-time job. Christine was 53 years old at the time, still a decade away from retirement.

The bingo payouts are based on how much each ticket costs and how many are sold during a session. Because of their high buy-in rates, major bingo halls and bingo tournaments offer larger cash prizes.