In land-based bingo halls, bingo tournaments are held over special weekends. These are often organised by churches or non-profit organisations to raise money for charity. Many schools also host tournaments to raise money for school events or for items needed by the school. These are usually arranged by a school committee of parents and teachers. A number of bingo games are played throughout the tournament, and the winners of the tournament are the players who have won the most games throughout the event. Usually there are a number of winners, from first place to twentieth place or lower. While many charity bingo tournaments are not played for cash prizes, winners can still win other prizes. Often these prizes are donated especially for the bingo tournament, and often consist of hampers and gift vouchers.

Online bingo tournaments work much the same way, expect that these tournaments are played for money, so the prizes are cash prizes. Most online bingo tournaments work using a point system, so players earn certain points for every game they win on certain days in the tournament. Players who have scored the most points win the tournament. Many sites have additional competitions or draws in which players can enter by making a deposit. Some free online bingo sites only give cash prizes for tournaments. Every game a player wins throughout the month adds up, and although these games are played for bonus credits or fun bucks, players who have won the most games throughout the month have the chance to win cash prizes.