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Nobody knows why King has decided to make the awful decision to limit the number of lives we can receive in a day @Alie_de_Munnik, but it is a change that has been heavily criticised.
Popular opinion is that the limit has been introduced so that players have to buy more lives.
You are right having a lot of lives made the game more enjoyable to play because when you get stuck on hard level having a lot of lives allowed you to play for longer.
You can read more about the issue below