Example:
If player A plays an eight, and player B plays a six, nobody loses nothing. Now, if player C plays a six, he makes player B lose one of his ante that goes to the pot. This is called Bing. If there already was one Bing, and the very next player (player D) also plays a six, player C gets Bing Bang and loses two of his antes. If played E plays the last six, Player D gets Bing Bang Bong and loses all his three antes.
When a player runs out of antes, he discards his hand and leaves the game. So,
Bing Bang Bong automatically kicks of the player who gets it. When all players run out of cards, the deck is shuffled and every player who still has at least one ante left receives seven new cards. The game continues until only one player stays in the game.
Playing Strategy:
The only strategy for Bing Bang Bong is keeping track of the cards. It becomes easier, when 8 players play the game, and the entire deck is used. However, with less players it is also possible to keep track of the discarded cards, and to pay attention to what cards are played by other players. Having a pair or more matching cards, it is less dangerous to play one of then, because it is less probable than the next player will have such card, although even with three matching cards, it is still not impossible.