There is big money in BINGO up in Michigan. The Oakland County Democratic Party (No not Oakland, California) has taken in over $1 million in BINGO related donations since January 2017. However, they have only paid out $769K in Bingo winnings. Yes, you have to pay money to play and there is a chance that you can win a lot. Does that sound like gambling? Can someone please tell me the difference between KENO and BINGO? In KENO, you pick numbers from a sheet and if they call a number you picked you win money. Sounds pretty much like what they are doing in Southfield, Michigan. Playing Bingo in Michigan, over a 100 people won a $1,000 or more. 450 people won $500 or more. So they are not playing for peanuts.
What bothers me is the payout ratio. The Oakland County Democratic Party took in $1 million and only paid out $769K. That is a 77% payout ratio. Let’s put that into perspective. Nevada requires that every slot machine pay out 75% by Law. In Vegas, the Palms Casino is the best with a payout percentage of 93% and the Airport is the worst with a 85% payout ratio. So in the case of the Palms, for every $100 bet on slot machines, the house only keeps $7. However in Michigan for every $100 paid to play BINGO, the Democratic Party keeps $23.
Who primarily plays BINGO? For the most part, it is the elderly. Now if they enjoy playing BINGO and socializing with their neighbors, then that is great. However, at least increase the payout ratio to around 90%. So that the Oakland County Democratic Party can be more in line with other similar establishments.