There is often a fair amount of confusion in the betting industry between your betting limits and your payouts limits. they are in fact two separate things.
In short a betting limit is the maximum that you can stake on certain bet. Payout limits however are the maximum that the bookmaker will pay out on a certain market or bet.
There are a number factors to take into account for both of these areas so throughout this article we will be explaining what each one means and how they can even affect the same bet.
The betting limit is the amount that you are able to wager on one single bet. This will range massive from bookmaker to bookmaker and from market to market, so if you feel like you need to know this information, check that sites terms and conditions.
Your betting limits may be restricted on some accounts where the bookmaker feels like you aren’t betting responsibly or feels like you are following betting patterns that are highly unprofitable for them and are uncomfortable in taking your bets. The latter is more common on smaller bookmakers where the liability for each bet will reach a threshold sooner than say, some of the more established bookmakers.
You will generally find that the main markets of major sporting events such as the win-draw-win market of a Premier League match will allow much larger wagers than markets that are more volatile such as low grade greyhound races.
Other areas with relatively low betting limits will be specials markets such as next manager betting or reality television markets. These bets have low limits as individuals connected to these event could have information not widely known to the general public and as such, these present a potentially large liability for the bookmaker. The best way for them to limit this liability is to restrict the maximum amount that they take on these markets by any one person.
These limit may well be advertised on a market before bet placement, with the maximum allowed stated. In other cases, acceptance of a bet may be refused or altered during placement of a limited bet.
A pay out limit is the maximum that will be paid out on an individual bet. What you will find from this is that whilst it will vary for each bookmaker, it will also vary massively for each sport. For example, at Ladbrokes the maximum pay out for a top level football match is £1,000,000, where the maximum payout for a non streamed greyhound race is just £10,000.
These limits will change within each sport and generally the more popular and well-known the market, the larger the maximum payout. This is again a reflection of the volatility of a certain betting market.
A bookmaker may also manually limit the maximum that you can win if again, they feel like you increase their liability with the bet sizes and in return, pay outs for certain bets.
Examples of Exceeding Limits
There will be times when the two will mix in the betting industry and its important to know what to do when you exceed each.
Let’s say that the bookmaker you have signed up with have a maximum bet amount on a market of £10,000 with a maximum pay out amount of £50,000.
You place a £10,000 (within the bet limit) bet on that market at odds of 10.00 and your bet wins. You expect to be paid out £100,000 for your win, (£10,000 x 10.00) but instead you are only paid out £50,000. Why? Well this is because whilst your bet has been accepted by the bookmaker as it was in the maximum bet limit, the winnings have exceeded the maximum pay out, which in this case is capped at £50,000.
Two things could happen here:
- The bookmaker will recognise that you are going to be paid out more the max pay out should the bet win and not accept the bet
- The bookmaker will still accept the bet but should it win, will only pay out the max pay out for that bet.
Alternatively, if you tried to place £20,000 on the same bet, then £10,000 of that bet wont be accepted by the bookmaker. One of 2 things usually happens here:
- The £10,000 bet is accepted and the bet limit has been reached so the remaining £10,000 get credited back to your account
- The bet fails to be placed at all and you will need to adjust your stake amount.
In both circumstances it ‘s important for you to know what the limits are for both betting and payout, then also find out what stance the bookmaker will take should either instance occur. At the end of the day, the buck stops with you, the punter, so don’t get caught short!