-In Cincinnati the beanbag target game is called corn-toss and "cornhole." Media there claim that it was invented in 1999 at the University of Cincinnati. They also almost universally explain that its college popularity is "because horseshoes are too dangerous for drunk people."
First thought - Well, sure a bean bag is softer in theory than a horseshoe. I'm sure it would still hurt being whipped at your head.
Second thought - How very frugal! You can make your own board out of leftover plywood, paneling, heavy cardboard. Bean bags can be made out of left over fabric or old clothes, and stuffed with those dried beans you won't ever use, rice, bird seed or anything else you can find around that would be suitable.
It's amazing what we will do when we are faced with the choice of entertain our selves cheaply or dig into the beer money...