One of the UK’s favourite video slot casinos, Videoslots, has announced the introduction of “Obligatory Loss Limits”. The move comes in light of a recent, and significant, increase in online gambling.
Now, if you’re anything like me, you might have misinterpreted the term “Obligatory Loss Limits” to mean that the online casino requires its players to lose a set amount of money when they play on the site. But, of course, no casino worth playing would do that!
Fortunately, instead, the new rules require that players set a “Loss Limit” before they begin playing. A loss limit dictates the amount of money that the player can reasonably afford to spend (and potentially lose) per month.
The new initiative is for UK-based players, and players will be unable to play until they specify their limit.
Why Is Videoslots Introducing Obligatory Loss Limits?
The move comes amid a recent increase in the number of people gambling online, and it is an attempt to minimise the potential negative impact of problem gambling. The aim is to allow players to have fun without developing a gambling problem.
What Are the New Rules?
Starting now, all UK-based customers will have to set a monthly loss limit before they’re able to place any bets on any of the games offered by Videoslots casino.
Once the player sets their limit, they can make changes, but these will not come into effect until 7-days later. This gives a reasonable cooling-off period for players who may be acting impulsively.
Something that we find impressive is that when players try to increase their loss limits, a member of Videoslots’ “Responsible Gambling” team will contact them within the 7-day waiting period. The call is to discuss the reason for the limit change. This is a fantastic initiative aimed to protect players from financial difficulties.
What Do Other Online Casinos Think?
Videoslots is certainly ahead of the curve here, but they expect other casinos to follow suit within the coming days and weeks.
In the UK, there has been a huge push by various bodies – including the UK Gambling Commission – to crack down on casinos and ensure that players have fun whilst staying safe.
You should expect to see this initiative implemented in the coming weeks for online casinos licenced by the UK Gambling Commission. It isn’t a legal requirement but is a sign of good practice.
Give Us Your Thoughts
What do you think? Is it a good idea for casinos to set limits? Have you used similar settings with other casinos, and how did you find it?
Rachel Pine is our slots expert who has worked in the online gambling industry for 10+ years. Over the course of her career, Rachel has reviewed more than 3,000 slots.