In a preliminary round, they must answer as many questions as possible in 60 seconds, earning five "lives" for each correct response and incurring no penalty for a pass or miss.

The hosts warn the team when they have 20 seconds left to give a guess; if they fail to do so before time runs out, the last value they have dialled is automatically locked in.

If the team make an error larger than the number of remaining lives or offer a guess above the exact answer, the game ends and they leave with no winnings.

If the team gives an exact guess, they receive five more lives and their bank is increased to match the highest cash value they have reached to that point.

[1] If the error between the team's guess and the correct answer is exactly large enough to use up all remaining lives, the game moves into a "sudden death" phase.

Michael Hogan of The Daily Telegraph felt that Limitless Win was Ant & Dec's first new success after a string of previous "flops" (such as PokerFace, Push the Button, the U.S. Wanna Bet?

However, he praised Ant & Dec's hosting for their "perfectly weighted performance" in conducting the game, easily explaining the rules, and conversing with the contestants, and deemed it to be their "most effective new venture in probably two decades".

[1] On 22 August 2022, RTL announced that they commissioned a German version of the show, Ohne Limit, to be produced by Endemol Shine Germany.