Loss limit way over

[BillalKH]

Hi guys! I have a daily loss limit of 100 NOK and I tried to bet 50 000 NOK in live black jack and my bet got accepted . Can the casino claim the win back? Or if I had lost could I claim my money back?

 

[trancemonkey]

Hi guys! I have a daily loss limit of 100 NOK and I tried to bet 50 000 NOK in live black jack and my bet got accepted . Can the casino claim the win back? Or if I had lost could I claim my money back?

You have a daily loss limit of the equivalent of €10, and you bet €5,000? We're you over your loss limit at the point you bet?

A loss limit only comes in to play on the bet AFTER you break the limit. So if the bet will take you over your limit it won't stop you placing the bet - it will only stop you placing the first bet AFTER you broke your loss limit.

Does that make sense?

 

[BillalKH]

You have a daily loss limit of the equivalent of €10, and you bet €5,000? We're you over your loss limit at the point you bet?

A loss limit only comes in to play on the bet AFTER you break the limit. So if the bet will take you over your limit it won't stop you placing the bet - it will only stop you placing the first bet AFTER you broke your loss limit.

Does that make sense?

Hi! Yes it does make sense actually. So if I win I would get to keep the bet or do I have to pay it back? It was my first bet also yes

 

[trancemonkey]

At the point you made the bet, you weren't over your loss limit so of course you keep any winnings.
If you had lost the bet, you would not be able to bet any longer until your loss limit resets in however many days you have chosen...

 

[Mr Wild]

You have a daily loss limit of the equivalent of €10, and you bet €5,000? We're you over your loss limit at the point you bet?

A loss limit only comes in to play on the bet AFTER you break the limit. So if the bet will take you over your limit it won't stop you placing the bet - it will only stop you placing the first bet AFTER you broke your loss limit.

Does that make sense?

That is not really the case. A casino should not allow any bets over your loss limit.

 

[BillalKH]

At the point you made the bet, you weren't over your loss limit so of course you keep any winnings.
If you had lost the bet, you would not be able to bet any longer until your loss limit resets in however many days you have chosen...

Ahh okay now I get you. But when I placed the bet, the bet is more then my limit of 100 NOK. But I get what your saying, after that bet no matter how much it is I can’t place another...

 

[Mr Wild]

Ahh okay now I get you. But when I placed the bet, the bet is more then my limit of 100 NOK. But I get what your saying, after that bet no matter how much it is I can’t place another...

If you played at a casino with an EU licence. You will be able to reclaim your loss via MGA or maybe a PAB via the forum.

 

[trancemonkey]

That is not really the case. A casino should not allow any bets over your loss limit.

Incorrect - the reason is that until the bet is settled, you haven't lost. Therefore the loss limit is not breached.
The document you want to read is the following - RTS 12 (Page 25).

Old / Expired Link

That doesn't mean the casino can't decide not to accept the bet, but legally they have done nothing wrong.

 

[colinsunderland]

That is not really the case. A casino should not allow any bets over your loss limit.

I thought it worked the way trancemonkey said too tbh (not that I think it should), do you have a link to where it states that please?

 

[BillalKH]

Incorrect - the reason is that until the bet is settled, you haven't lost. Therefore the loss limit is not breached.
The document you want to read is the following - RTS 12 (Page 25).

Old / Expired Link

That doesn't mean the casino can't decide not to accept the bet, but legally they have done nothing wrong.

So can casino decide to accept the bet when I lose and decline the bet when I win?

 

[theapple]

Incorrect - the reason is that until the bet is settled, you haven't lost. Therefore the loss limit is not breached.
The document you want to read is the following - RTS 12 (Page 25).

Old / Expired Link

That doesn't mean the casino can't decide not to accept the bet, but legally they have done nothing wrong.

i know legally they havent done wrong but also, legally, they allowed you to lose 5k while your limit was 10. Its all legal of course.

Regardless, if what you were saying was true basically it should be loose - loose situation for the casino. Player wins no limit was breached, player looses - they have to refund it because you know, player lost that sum afterall, which is way above loss limit. but since its a world where casinos get it their way it pretty much allows casinos to give you back your money if you win big, and say "you cant bet that much", if you loose.

Speaking of which ive had similar situation at one of my fav casinos in the past, my limit was $25 or so and i accidentally made $18 bet on DoA (was playing 18c prior to that, and was ... "shuffling"), and that bet put me above my daily loss limit. Casino in question refunded my bet and promised to work on changing how loss limit works. I dont play that often anymore and i have zero desire to test it so not sure if it changed or not so wont name the casino because i can see how it could be misused by not so nice players. Mind you i dont really like the fact it basically gives green light for casinos to abuse that rule so you can see why am i not entirely happy with the way it works.

you can try to sugarcoat it as much as you want but saying its not lost til the bet is settled is really pushing it. Even so, what happens after it was in fact lost, with a bet that was 50x or 500x higher than players loss limit?

 

[Mr Wild]

Incorrect - the reason is that until the bet is settled, you haven't lost. Therefore the loss limit is not breached.
The document you want to read is the following - RTS 12 (Page 25).

Old / Expired Link

That doesn't mean the casino can't decide not to accept the bet, but legally they have done nothing wrong.

In Malta they would have done it wrong and this is not a UK player.

 

[Mr Wild]

Incorrect - the reason is that until the bet is settled, you haven't lost. Therefore the loss limit is not breached.
The document you want to read is the following - RTS 12 (Page 25).

Old / Expired Link

That doesn't mean the casino can't decide not to accept the bet, but legally they have done nothing wrong.

Reading what you refer to dont say what you are saying?
Please copy the part where the casino can take a bet of 50000 eur if loss limit is 10 eur?

 

[BillalKH]

In Malta they would have done it wrong and this is not a UK player.

I have sent an email to MGA as well because this site told me that they will give me an answer on what’s going to happen tomorrow. So I will wait and see what MGA also says . Yes I lost the bet in this case, and that’s not the reason I made this post.

Reason is if they are allowed to misuse this then what’s the point with a loss limit when the first bet you place is 1000 times as much as allowed example.

 

[trancemonkey]

Reading what you refer to dont say what you are saying?
Please copy the part where the casino can take a bet of 50000 eur if loss limit is 10 eur?

I'm not suggested it was morally correct to do so, but until he has LOST more than his lost limit, the loss limit is not breached. (technically).

I would also imagine that most players don't set a 10 € limit and then try and bet 5000 € in a single hand, hence the reason the rule works the way i've suggested.
If the OP chose to set the limit that low and then gamble that much on a single hand, i think he should seriously look at his gambling to see if he has a gambling problem. That doesn't infer that he does - just that he may want to consider if he does or not.

How each casino decides to implement the rule is up to them - personally i don't think a casino should take a bet that would mean you breached your loss-limit if you lost.

FWIW - Betfair work how i think it morally should

 

[Harry_BKK]

I think that you are mixing-up bet and loss limit.

- Bet limit - maximum bet size you can place for one single bet
- Daily Loss Limit - maximum net amount you can lose in one day. E.g. you deposit NOK100, lose it and you are done. But if you win NOK4,900, bringing your balance to NOK5,000, you can bet then NOK5,000 without breaching your daily loss limit.

It is best to set up a daily loss limit and a maximum bet limit. That way you avoid not just higher losses by also doing big bets.

Hope I explained it well.

 

[BillalKH]

I think that you are mixing-up bet and loss limit.

- Bet limit - maximum bet size you can place for one single bet
- Daily Loss Limit - maximum net amount you can lose in one day. E.g. you deposit NOK100, lose it and you are done. But if you win NOK4,900, bringing your balance to NOK5,000, you can bet then NOK5,000 without breaching your daily loss limit.

It is best to set up a daily loss limit and a maximum bet limit. That way you avoid not just higher losses by also doing big bets.

Hope I explained it well.

No but my first bet was 50 000 NOK not 100 and builder up to 50k

Side note: I managed to win it all back though

 

[BillalKH]

Now I won it back because today is new limit. I hope they don’t say hey you bet this and that and take my money.

Another thing, is there anyway to donate to this site? Never been anywhere where people can so much important stuff.

 

[Harry_BKK]

No but my first bet was 50 000 NOK not 100 and builder up to 50k

Side note: I managed to win it all back though

Really puzzles me, you say you have a NOK100 lost limit / day and you start straight away with a NOK 50K bet?

Questions that come up

- did you deposit on that day and how much?
- did you really start with a NOK 50K bet? or did you build up the balance first from where you would be able to place NOK 50K bets?


I agree with trancemonkey, but I have seen different set-ups in the past. Some casinos won't let you place a bet that could potentially lead to being over the loss limit, some let you make bets until you are indeed past the daily loss limit. In the second case you could be just NOK1 from your loss limit but would still be able to bet NOK 50K as only after losing that bet would the limitation trigger.

Overall though, I am somewhat worried that you have indeed a gambling problem. Apologies if am wrong but betting NOK 50K in one shot, losing it and then going back the next day repeating the same is dangerous territory.