A system and method of playing an interactive bingo game. Each game session comprises a plurality of game events in which the bingo game draws at least one bingo number from a set of bingo numbers. The player is provided with one or more bingo cards. The game drawn bingo numbers are matched to the bingo cards and the player is awarded a prize according to a dynamic paytable. The dynamic paytable depends on a plurality of dynamic variables that are modified during the game session. The dynamic paytable further comprises a plurality of triggering events that are associated with a plurality of bingo patterns, and a threshold event that is engaged after one or more triggering events. The threshold event is configured to determine a plurality of prize credits awarded for each subsequent bingo pattern. For the chargeable action embodiment, the player is charged one or more credits for each of the game events and the credits that are charged are determined by said player. For the average bet embodiment, the player is only charged at the beginning of the game session.