Hugh J. Ward standardized the modern game at carnivals in and around the Pittsburgh and Western Pennsylvania areas in the early 1920s. He went on to copyright "Bingo" and author the rule book on it in 1933.
The game was further popularized when at a traveling carnival near Atlanta in December 1929, toy merchandiser Edwin Lowe noticed how engaged the players were of a Beano game using Ward's rules and dried beans, a rubber stamp, and cardboard sheets. Lowe took the idea with him to 1930's New York where he introduced the game to his friends. He conducted bingo games similar to the ones he had witnessed and Ward had standardized, using dried beans, a rubber numbering stamp and card board. His friends loved the game. One theory on the origin of the name is that one of his players made bingo history when he was so excited to have won that he yelled out “Bingo” instead of “Beano." However the word was used in Great Britain since the 1770s and had migrated to the Pittsburgh region at least a generation before Lowe's 1930's claim.
Here's a great article about the history of Beano to Bingo to Lotto