It is good thinking of setting a limit on a monthly basis compared to daily basis because if you set a limit on a daily basis then you may start gambling every day. Slowly that may make people to addict to these gambling games and once that happen then you may start losing, even more, money on these games. So it is better to set a limit on a monthly basis and if you lose that money then don't gamble for that month.
I don't know about you but I mostly gamble once or twice in a month and I have fixed budget for each time gamble. Even though I lose those coins within few minutes still I will not deposit again to continue gambling. I follow this method for many years and never thought I lost so much money in gambling. I made some profit from sports and lost some in a dice game but I enjoyed my time with these games.