Paper Basics
How to save $ when ordering paper
These are questions your distributor should ask you! Bingo is often difficult to compute profit and loss due to the nature of the game. Bingo is presented as a loss leader most times for the players. Having to hang a prizeboard out is often difficult due to the risk of loss if you don't get enough attendance or mis-price the package at the door. WE CAN HELP!
Building a cost effective program
Know your limits! The first rule in creating a bingo program you can comfortably afford is to know your limits. What is my prizeboard limit? How many games do I play? What is my break even point? How many players do I need? The sum of all prizes offered in the bingo program is your prizeboard, determine your risk first by establishing a limit to your prizeboard for each bingo program (session) you run. Once you have established your limit you can begin to select games to play in the program.
Games are not easy and you may have to change them regulary to make them attractive to your players. Special games not included in the book or pack purchased at the door are 'loose' games. Select these games carefully as the cost of loose paper is often greater than collated (books) of paper. Not to say you should have all of them in the pack at all! A nice blend of pack games and specials is important, after all bingo is about players winning and purchasing more paper to win again.
Bingo players want you to succeed, they will be happy to share their opinion of your program in most cases almost instantly! Listening to your players is important, their attendance is vital to your success. We can help design your program from the start or make changes to your existing program. Your success is our business.
Total it up ...
Once you have a program in place determine your 'Break Even' number of players. To do this you will need to know the minimum spend per player at the door to cover your prizeboard plus any overhead to run your bingo program.
Sample P&L for Bingo
Gross Revenue (Sales) | +$ |
Cost of Goods (Payouts) | -$ |
Gross Profit | =$ |
Expenses | -$ |
Net Profit | =$ |