An improved bingo method and apparatus with a plurality of bingo balls numbered from 1 to 40. The plurality of bonus balls has various bonus values and each player has the capacity to place an individualized wager against a wagering establishment. A caller announces the start of the game and the value of a plurality of bonus balls, calls the bingo balls and bonus balls drawn from a random ball generator and announces the outcome of the game after a maximum of 21 spins of the random ball generator. Additional features include the possibility of a peer-to-peer wagering system where each player places identical wagers, plays against the set pool of entry fees and the house retains a percentage of the pot. The game further features a convenient table arrangement that can be played on the main floor of a wagering establishment or a large wagering room.