The Loss Limit Feature at Online Casinos Explained
Gambling at an online or mobile casino is meant to be a fun experience. But sometimes things can go wrong and a player, chasing a win, may end up with a gambling problem.
To avoid such a situation, casinos are required to incorporate regulations and policies to help players gamble responsibly and avoid gambling problems. One of the features that casinos offer to ensure responsible gaming is the loss limit feature.
Let’s take a look at what the lost limit feature is, why it is important, how it works and why it is in the best interest of the gambling industry as a whole.
What is the Loss Limit Feature?
The loss limit feature is one of a number of features that online casinos offer players as part of their responsible gaming policy. The objective is clear: to help players gamble responsibly and avoid spiraling downwards to gambling addiction because of the losses he has incurred over time. A good way to do this is to set a limit on how much the player can lose over a specific period of time, and that is exactly what the loss limit feature does.
The Need for the Loss Limit Feature
Most of us love online or mobile casino gambling because it is a lot of fun and also provides a chance to put together some cool wins. And for a very select few, who manage to hit a progressive jackpot, it can be a life-altering experience.
For a significant minority of players, however, gambling - be it online or offline - progresses from a light-hearted fun activity to a strong need to win and also make money. This significant minority, unlike the rest, don't know when to stop, and therefore end up with gambling problems.
The loss limit feature is incorporated into a casino's responsible gaming policy to help avoid that kind of a scenario.
How the Loss Limit Feature Works
The loss limit is something that you see in other domains as well, for instance in the stock market. If you are a professional investor buying stock, you will most likely set up a stop loss limit. The loss limit in this case is the price to which you are willing to let the stock value to drop. Once the stock drops down to the price set as the loss limit, you sell the stock.
The way the loss limit feature works is simple. Once you sign up with a casino for real money play the casino allows you to set a limit on the losses you incur. The casino sends you a reminder once you are reaching the loss limit. Once you reach the loss limit you are not allowed to play further.
Factors Influencing the Loss Limit a Casino Allows You to Set
Casinos allow you to set a loss limit based on the net losses incurred. This is different than generally setting a loss limit based on the amount you wagered and lost. When a casino calculates the loss limit based on net losses, it takes into account 2 important factors:
- The amount you wagered during the time period specified.
- The amount you won from your wagers during that particular period of time.
The following example will help you understand the whole of the loss limit better.
Assume you set a loss limit of $10 for your casino account and then deposited $15. Say you played and won $25, which means now you have an account balance of $40. You can continue playing even if you lose, right until you are left with $10, which was the loss limit you set - which means in all you lost $5 of your own money out of the $15 you deposited.
How to Set the Loss Limit to Your Casino Account
You usually set the loss limit for a fixed period of time. This time period is the same as what the casino offers for setting deposit limits and can be for:
- 1 day
- 1 week
- 2 weeks
- 1 month
There are 2 ways to set up a loss limit. One way that many casinos offer is for you to contact the casino's customer support team - through live chat, e-mail or telephone, whichever method is available and your preference - and let them know that you would like to set a loss limit and inform them the value you have in mind.
The second way that some casinos offer is for you to do it yourself. This is how you could set up a loss limit for your casino account.
- Load the casino on a web browser.
- Open your casino account by clicking the Log In button.
- Visit your account profile.
- Click the Loss Limit option.
- Enter the amount you set as the loss limit.
- Set the time period for which you want the limit to be operational.
You can visit your profile to reset the loss limit if you wish. Most casinos allow you to lower the losses instantly. However, if you want to increase the loss limit or remove it altogether, it may take a while for the changes to take effect. That time period at most casino is 24 hours.
Regulating Your Play to Ensure You are Always above the Loss Limit
There are different ways to regulate your game play at the online or mobile casino you are at. This is something every player should do, because it helps ensure that you play responsibly and always stay a healthy distance above the loss limit you have set.
- Manage your bets well for luck-based games. One way of doing this is to place small bets; if you win of course you will win small amounts, but it will be a win nevertheless. And should you lose a spin, for instance, it would still be a small amount you lose.
- Use the paytables carefully when playing skill-based games or video poker. This helps you manage your bets well and ensure minimum bleeding out in the form of losses by enabling you to bet smart.
- Know your streak and how to deal with it. If you are in the middle of a lucky streak you may want to amp up your bets to score big. But if you are getting on to a bad run, don't hesitate to slow down or even opt out. This keeps your bankroll intact as much as possible.
- Choosing the right bets is a big part of sound betting strategy. Do not place too many high risk bets. Low risk betting is a good way to go. If you are playing craps or baccarat, for instance, avoid bets that have a low payout ratio.
- Never chase a loss. The fundamental rule is to never chase a loss. Trying to catch up on the amount you lost will most likely result only in that loss amount growing bigger.
- Play for fun. Always play to have fun; anything you win is a bonus. It is never a good idea to play at an online casino with the idea of scoring a life-altering win. The odds against that are stacked just too high! Because gambling can never be considered a steady income source.
Other Features to Help You Gamble Responsibly
Casinos offer a number of other features to help you manage your wagers and gamble responsibly. We list the top features available, in this section.
- Set deposit limits. Casinos allow you to set limits on the amount you can deposit into your account. Of course, you can change these limits if you wish to.
- Set wagering limits. Casinos permit players to set limits on the amount they wager.
- Set session limits. Certain casinos allow you to place limits on the duration of each session.
- Use the Reality Check feature. This feature provides you with reminders at specific intervals of the total time you have spent at the casino for a single session.
- Make use of the cooling off period. Some casinos offer you the cooling off period to help you stay away for a shorter time frame, usually a day, a week, or a month.
- Use the self-exclusion feature. Many casinos offer the self-exclusion feature to help you stay away from your account for a longer time period.