The Responsible Gambling tools of today’s online betting scene are diverse, and you have a lot of them to keep your wagering in check. In this article, we will review the spending limits and some of their close relatives to give you relevant information and teach you how you can change them.
Each bookmaker has its ways of updating the limits you can place on your gambling account. In most cases, those settings are located in the “Responsible Gambling” section of your profile. When you register to a bookmaker website, your limits are usually pre-set to the default values. Keep in mind that you can change these limits at any time as long as your account is verified, and you type in your password so the bookie can make sure it’s you making these changes. The time that takes for these changes to take effect varies depending on the bookmaker in question. Usually, the changes take effect either immediately or within twenty-four hours. If you are increasing the limits, you won’t have to wait long, but to decrease a limit takes longer.
Spending & Loss Limits – Definition and Ways to Set them Up
Spending limits are settings that allow you to limit how much you spend/stake for a specified period. You can set the period to be one day, one week, one month, etc. For example, let’s say you set a spending limit of £100 per week. This means that for each week, you can stake a maximum of £100 on any events. The sizes of the individual stakes don’t matter as long as the total amount spent/staked doesn’t exceed £100. If you spend the whole amount in the middle of the week, you won’t be able to place more wagers until the week comes to an end or change your settings. Keep in mind that changes to the limit settings may take at least twenty-four hours for individual bookmakers. To find out more about how long it would take for the limits to take effect, you should contact your bookie’s customer support team.
Setting the limit is as easy as pie; you only have to go to your account settings, and then find the Responsible Gambling section. After that, you need to choose the spending limits option and choose the amount and time. After you set the limit, you are all done.
The opposite of a spending limit is “Loss Limit.” You can think of it as a way to help you stop once you’ve lost a certain amount of money. For example, if you set a loss limit of £200, no matter how much wagers it takes, if you lose £200, you won’t be able to stake any more cash until the period you chose in the settings ends.
Other Types of Limits You can Set on Your Account
Besides the stake/spending limits, there are other types of tools available to you, which may help you keep the reins on your gambling spending trend. In the next section, you will see the most-popular limits you can set on your account.
Deposit limits are what they sound they are – limits on the amount you deposit for a specific period. You can set a limit per:
For example, if you set a deposit limit of £59 per week, you won’t be able to fund your account until the end of the week. Setting new restrictions will only be possible once the previous limit has expired, which means that you can only set new, usually higher, limits after your limits are refreshed each week. Some bookmakers have the option to deposit from land-based shops in addition to their online methods. Keep in mind that if you deposit via the betting shops, those funds would still count toward your account limit.
Self-Exclusion is a tool that can help you expel yourself from gambling on the platform you are using by closing your account for some time. The Self-Exclusion periods are usually long, such as six months, a year, or more. In case you want to get back to your betting, you need to contact customer support to know if you can get your account back before the period ends, or you would have to wait it out. There is also the possibility to partly self-exclude yourself. This option is only available for some platforms, and it’s valid if you want to exclude yourself from sports wagering, for instance, but you still want to play casino games on your favorite bookmaker’s platform.
GAMSTOP is a national self-exclusion tool that has helped many people with a problem in this industry. Nowadays, if a bookmaker wants to have a license in the UK, they need to join GAMSTOP. Once a person registers, they can get self-excluded from all UK bookmakers at once.
Time-Outs are smaller periods, and you can set, during which you won’t be able to place bets or access your account. The usual periods you can choose from range from one day to six weeks. The Time-Out tool is usually known as the first step before thinking about self-excluding yourself.
Session Limits are set when you don’t want to spend so much time on a bookie’s platform. We have all forgotten when we are doing something fun, so these limits help with that. They are a kind of notification reminders that remove you from the system once the maximum playtime is achieved per day or session.
Spending Limits – Summary
In online betting today, people get caught up in the thrill and sometimes forget how much they spend, or how much money they deposit. It’s not necessary to be a problem gambler to use Responsible Gambling tools. Spending limits and all the other kinds of restrictions you can choose from are a great way to help manage your online gaming habits. Overall, even if you don’t have problems with online and offline gaming, spending limits and other similar tools are very helpful in punters’ everyday lives.