We started a BBJP (Bad Beat Jackpot) about a year ago.
We play .50/$1 NLHE almost weekly. The typical sit down buy-in is $60, reload of $40.
We "drop" $1 from each pot over $20 during each play night. We keep a chart for each weeks collection and also a running total on 2 different dry erase boards.
The BBJP rules are the same as in many casinos: AAA 10 10 must be cracked, both players hole cards must play, make it to the showdown, etc.
The total right now is right about $1,500 after like 40 games, with the average collection being about $40 per night.
We decided to collect for a total of 52 games on the dry erase board I made (that's how many squares were on both sides of the board) but we have not even come close to having a winner.
The "next" concept after we've collected for 52 games is to have "bonus hand" payouts with the money that has thus far been collected.
Example:
Straight Flush - $250 with both hole cards playing $125 with only one.
Four of a kind - $100 with both hole cards playing $50 with only one.
Aces Full boat - $50 with both hole cards playing $25 with only one.
etc.
If a hand is hit, the player will immediately receive the bonus amount in chips, and the money will be counted out of the till and put in the drop box. Players will not be allowed to just stuff the cash in their pockets.
Meanwhile we will still collect $1 from any pots over $20, but the above payouts are on hands that
actually happen from time to time. So the money will start working it's way back out to the players again in nice lump sums.
As it happens, the BBJP collection really just created a "buffer" for having different bonus payouts, which everyone seems happy with, since it will be smaller more frequent dispersions instead of one mega-payout.