Basically the one who wins the previous bingo, hosts the next, i.e. selects subject, words, timing, everything, AND provides a prize, generally out of their own stash to a value of US Dollars 10, more if you like.
Host lists say 30 words
Participant selects 10 of the words and sends private message to host with his/her list.
Host issues 2 to 3 words a day
Participant checks every day and crosses of his/her list
When you have all 10, send a private message to host. First one to do so wins.
Host checks list and confirms winner
Winner sends address to host via private message
Winner then becomes new Host Master for next game