The ping pong ball-into goblet is still a money maker for us, but we've basically converted it into a hanky pank suitable for festivals as well as fairs. We use inflatables for prizes.
We have 64 goblets -plastic, not glass - arranged tightly on a table. The marks get six balls for $2. What makes the game entertaining is that the balls will usually spin through four or five goblets before finally stopping. We have four colors of goblets, with the most common color being the small prize, etc. If the customer is really a lousy throw and still manages to miss all 64 goblets after six attempts, we give them a five-cent piece of consolation slum. We get a surprising number of people thanking us for not giving away live goldfish - a prize often associated with this game. One memorable night a few years ago I looked over and saw a guy patiently trying to throw dollar bills into the goblets. There was about 20 bucks on the ground inside the joint and he was still throwing. "Hell, this game's kind of hard," he muttered.