Loss Limit Tool: What Is It & Which Casinos Have It?

Rumen Morfov
Approved by Rumen Morfov
Updated:
Ad disclosure
SilentBet (SB) is proud to be the partner of numerous renowned casinos and bookmakers around the world. As such, we do use affiliate links to earn commissions (at NO cost to our readers whatsoever). These aff links help us stay a cut above our competitors, delivering top-notch content you can trust. Take a look at the Ad Disclaimer page for more information on our affiliate business practices.
Content Navigation

A Loss Limit Tool is an option that offers gamblers the opportunity to reduce the money they’ve lost playing. We have considerable experience with this consumer-led tool but a research by the Gambling Commission shows that close to 20% of players confuse this responsible gaming tool with others. (Source) So, Silentbet decided it’s time to see how this feature works and teach our readers how to use it correctly.

Katerina Gadzheva, Betting Expert & Writer for Silentbet
Katerina Gadzheva
I have been using a loss limiting tools for years, and I know that most people who gamble enable this feature. It allows people to control their losses and makes them feel more secure while playing.

Check If a Casino Has the Loss Limit Option

The Loss-limit reminders are among the more popular options, so most casinos offer this feature. Users familiar with the Responsible Gambling Tips & Tools should also remember that the feature is easier to use because it’s usually offered during registration.

If you can’t find it there, check your account panel or talk to the support department. Also, check Silentbet’s free checker above because it will show you which operators have it.


What is a Loss Limit?

loss limit

Loss limits for games are tools that allow you to “set a limit on the amount you can lose or transfer for a period of your choice” (Source). In other words, this monetary limits tool for gamblers allows them to control their finances. Considering the growing number of financial jeopardy due to problem gambling, having such a tool is a must.


How Can I Set Loss Limits or Transfers Limits?

loss limit tool

You can set loss limits ot transfer limits by doing one of those things:

  1. Start the registration process and check the steps carefully because some operators will require you to set games loss limits during this procedure.
  2. If that is not the case, you will need to enter your account panel and look for the responsible gaming section.
  3. Lastly, you may may need to contact the support department and ask for a loss limit option.

What are the Time And Amount Frames?

The time and amount frames that you can use a loss limit on games depend on the operator. However, you can expect to find the following:

  • $10
  • $100
  • $1000
  • $2,000

We have seen many iGaming websites where the loss limit starts from $100 and up. However, other sites prefer to offer a lower self-imposed boundary so that people on a budget can also avail themselves of the option.

As for the times, you can choose a day, week, month or year limits. Not that all times will re-set automatically if you do not put an end to the rule manually.

Katerina Gadzheva, Betting Expert & Writer for Silentbet
Katerina Gadzheva
Most of the clients I’ve talked to set a loss-limit rule of around $100. However, I believe people should use an amount they are comfortable with.

How Do I Re-Set Loss Limits?

Resetting your loss limit on games is not always possible, or if it is, the option becomes available in specific situations. Judging from our own experience, some casinos will allow you to reset your limits manually once you reach them. In other words, after setting a maximum loss limit, you may be unable to undo it until it has been met.

The good news is that these rules are not set in stone. Everything changes, including our financial situation, so many casinos allow their clients to be more flexible. Some sites will offer automatic resets in specific situations, but you may also reverse the action by talking to the support department.


More Responsible Gaming Tools to Consider

The loss limit is a handy tool for responsible gambling, but it is not the only one. Here are a few other alternatives worth checking:

wager limit tool

Limit your bets

One way to avoid losing more money is by not betting a lot of funds. Limiting your bets will allow you to minimise regret.

session limit tool

Limit your times

Another option you can combine with the loss-limit tool is the one that regulates how much time you spend playing.

deposit limit tool

Limit your top-ups

Making larger deposits could result in losing more money. With this feature, you limit the funds you can add to your account.


The Bottom Line: Silentbet’s Take

With this product, our team noticed that users can manage expectations and control the amount of money they lose. The fact that it is more popular than other similar options is a plus because you can find it on most sites. However, some make it more difficult to enable, so keep that in mind.

Katerina Gadzheva, Betting Expert & Writer for Silentbet
Katerina Gadzheva
I think all players should have a loss limit enabled, regardless of their experience. It’s always good to have this feature on to keep your wagers in check.

FAQ

How do I set realistic loss limits?

You set realistic loss limits by analyzing your budget. I encourage you to set half of your bank as your limit.

Will using a loss limit tool prevent me from chasing winnings?

No, a loss limit tool will not prevent you from chasing winnings. It just regulates the amount you can lose.

How is the Gambler’s Fallacy connected with loss-limit settings?

These two are related because people who believe in the gambler’s fallacy think that they need just 1 more bet to win for sure. Hence, these are the players who do need such a tool most of all.

Should I use loss limits in the long term or just from time to time?

In our opinion, you should use the tool all the time.


0 comments for “Loss Limit Tool: What Is It & Which Casinos Have It?
Post comment

    No reviews added yet. Be the first!


    Author: Katerina Gadzheva
    badged_holderCertified Betting Expert
    Katerina Gadzheva
    Katerina has 10+ years of experience in iGaming. She always promotes responsbile gambling for a safer and more stable betting environment online.