Spending Limits and Other Responsible Betting Tools You Can Use To Stay Safe

Saying safe online is imperative when you are betting. Whether you are a fruit slots enthusiast or prefer to wager on your life-long favourite sports teams, there is an array of websites to bet with. Responsible betting tools minimize the risk of going overboard, such as spending too much money or time which harms both your bank account and your mental health. They are put in place so that you can enjoy gambling without having to worry in the back of your mind.

Setting Spending Limits When You Bet

Perhaps the most effective method for staying safe online is by setting spending limits. This is a way to control how much money you deposit into your betting account. You don’t have to be an addict to use these tools; in fact, everyone should be aware of the measures in place. It is all too easy to overspend when you aren’t keeping track of your finances, and life inevitably gets in the way. If you don’t have a banking app or keep meticulous notes, it can be difficult to keep an eye on things. Instead, log in and set a deposit limit.

Most betting sites already have deposit limits, which vary massively. It depends on the country you are in, the currency, the payment platform, and the bookmaker itself. For example, many Irish bookmakers like Betfree.ie set this at €2000/day, but in the UK this tends to be higher. This can be anywhere from £2,000 to £10,000 or more.

On the other hand, you can set the limits yourself. All you have to do is search for My Account and find Deposit Limits. You can then choose from the set values or enter your own, and many betting sites also let you choose the time period (one day, one week, one month, and so on).

It is important to note that there are two kinds of deposit limits: net limits and gross limits.

The net limit is calculated by your total deposits – your total withdrawals in this time period. The gross limit is just your total deposits.

Example of Gross Limit

Deposit limit: £100 per week
Monday: £50 deposit
Wednesday: £10 deposit
Friday: £40 deposit

The betting site will not let you deposit again until the period is up.

Example of Net Limit

Deposit limit: £100 per week
Monday: deposit of £100
Tuesday: withdraw £50

You have £50 left to deposit before the period ends.

These limits cannot be changed immediately. Should you decide to decrease or increase them, it will take anywhere between 24 hours and 7 days to change them depending on the bookmaker. You will also need to verify this change by entering your password or confirming your identity.

Gamstop

Gamstop is a self-exclusion scheme based in Yorkshire and led by Fiona Palmer that helps you to control your betting habits. When you register you will no longer be able to join betting sites that are licensed in Great Britain, as it will automatically prohibit you from creating an account. This is a no-nonsense way of rigidly enforcing self-exclusion, where you opt to ban yourself from gambling. Gamstop is recommended for punters who have tried to enforce spending limits or other tools but need a stronger service to help them quit betting.

How do I use Gamstop?

To register, you must be living in the UK (Great Britain or Northern Ireland). Log in to the website and click register, then follow the steps. This includes entering your email address, and confirming you have read the terms and conditions. Then, you will receive an email. The process is swift and takes a matter of minutes, but you may need to wait one day for it to commence.

You can choose to exclude yourself for:

• 6 months
• 1 year
• 5 years

If you choose the 5-year option, you can also renew it once the time ends.

Other Responsible Gambling Tools

In addition to deposit limits and self-exclusion, there are a number of ways to monitor your betting activity.

Reality Checks

Reality checks are a simple way to control your betting. Every 15 minutes, 30 minutes, 45 minutes or 1 hour you will receive a notification reminding you how long it’s been since you logged in. Although this sounds trivial, it’s surprisingly easy to lose track of time.

Time Limits

Time limits are likely reality checks, but you can’t ignore them. After the time limit is up, you will be automatically logged out until the next day. Again, these can vary and can also be changed.

Time-Out Period

A time-out period is a step before self-exclusion. Whilst self-exclusion begins at 6 months, a time-out period can be for as little as 24 hours up to 30 days. Also, many betting sites let you pick how long your time-out is.

Account History

Your account history can be viewed under My Account. Here, you can see all of the important information regarding your gambling activity, the most critical being your profit and loss. When you aren’t regularly checking this data, you may severely underestimate just how much money you are losing.

Betting online is a relaxing hobby for many people and it can also be extremely rewarding, but only when done cautiously and with awareness. By using the tools mentioned, you can establish a safe environment that takes the stress away from spending excessive money and time on these establishments. Relying on yourself to monitor your activity is no longer necessary, but remember that every bookmaker has their own deposit limits and safer gambling features, so take this into account before you start betting.