What Are Loss Limits?
Loss limits are one of several tools that casinos offer as part of their responsible gambling practices. And as you probably might’ve guessed, these limits restrict how much you can lose with a casino.
However, although the term is kind of self-explanatory, you need to understand how these limits work to take full advantage of them. Above all, you must understand how casinos define a loss. But before we get into all that, let’s first explain how you set a loss limit.
Depending on which casino you’re playing with, you can set a loss limit in two different ways:
- Set the limit yourself in your account settings.
- Contact customer support and have them set the limit for you.
Out of these two options, the first one is the most common.
Let’s look at how you would set a loss limit at CasinoCruise.
- Go to your account settings.
- Look for a limit or Responsible Gambling in the account menu.
- Choose the amount and duration of your loss limit. Periods may vary with each casino, but the most common ones are 24 hours, 7 days, one week, one month or a year.
- Choose your desired amount.
- Save the changes.
Once your limit has been saved, you’ll receive a confirmation on the website or via email. Now, you won’t be able to stake real money once you’ve reached your set loss limit. When the period has expired, the casino will reset your loss limit, and you’ll be able to play again.
How to Change or Cancel a Limit
You can cancel or increase your loss limit at any time; however, your changes won’t be implemented until seven days after your request. When you set a new limit that’s lower than the current one, the casino will apply your changes immediately.
How Casinos Define A Loss
It’s essential to take into account that loss limits only apply to your net losses.
In other words, a loss limit is always relative to the account balance you had when you initially set the limit, or when the limit was reset by the casino. In other words, loss limits won’t take additional winnings into account.
Let’s explain this with an example:
$100 initial balance – $20 worth of losses = $80 left on your loss limit.
Let’s assume you win $100 on your 21st spin and end up with $180 in your account. Now, your loss limit won’t be affected until you’ve lost the $100 you just won. In other words, your loss limit won’t trigger until your balance drops below $80.
However, when the casino resets the limit at the end of the period, it will apply the loss limit to your total balance. So, if you leave the $180 in your account, and wait for the current period to expire, your loss limit will apply to $180 in the next period.
Top-Three Casinos With Loss Limit Features
Several casinos on our top lists let you set loss limits. And if you want to control how much risk to lose, a loss limit becomes a useful tool.
To summarise, loss limits are an effective way of ensuring you never lose more than you can afford, and that you don’t get too carried away during a playing session.
Here are three great casinos with loss limits:
