System and method for playing game based on coin toss, may utilize a system and method for graphically displaying coin toss using sensors to detect physical movement of coin or instrumented coin, communicate sensor-derived data to remote graphical display system, display virtual coin that represents movement and orientation of tossed coin. May utilize sensor, communication, display, game systems and optional message gateway. Sensor system and part of wireless communication system may be external or embedded in coin. Graphical coin movement and orientation may mimic the actual coin being tossed or may be represented as any avatar or other graphical object that represents the coin including celebrity pictures, videos, faces, logos or any other object that may represent a “head” or “tail”. May generate a random number that allows viewers to win a prize. Viewers may guess result of coin toss before toss and win prize if they guess the result correctly.