The best practice with gambling that I follow is to spend time for gambling with specific schedule. Then fixing an amount to be spend whether it is a win or loss doesn't matter. Apart from this using small amounts on gambling, because what we loss should not affect us in any form.
maybe we can use this way if we don't want to become an addicting person in gambling. we know that if we don't make a limit in gambling, we can still continue playing the game without knowing when the time to stop. the limit in here is not just limiting the amount of money we use but we need to limit how long we want to play so we can know when the time we need to stop. but the best practice for gambling is how we can manage our emotion so we don't have to continue the game if we only get a loss and we can prevent from being greedy when we can win the game.
I agree with you. We should set up a limit for both money and time. Generally people focus on winning or losing money and they forget the time that is spent while gambling. Also it is good to be able to manage our emotions.