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.
Setting up a limit when we gamble, time, money and attention that we are giving to this activity must be limited. We know where it can lead us if we aren't so careful on what it can bring to us. I was once became addicted before and learning from it this is the best practice that every gambler must.
Whatever you do for this gambling, it will be hurting you at the end. It is like a snake that if you keep it with you since his childhood and you are drinking him milk and giving him best care that a person can give to his pet. And ultimately this snake bites you one day because nothing is there to eat for him and because it is nature of this animal. So dont let this gambling bite you.