Sort of, AdRotate stores the Geo data in a cookie which, by default, is valid for a week. So repeat visitors should not use too much lookups.
Visitors and bots who do not accept cookies of-course use more lookups.
Maybe you have a lot of bots and crap visitors not visible in your regular stats on your site – I know I have them on this site 🙁
Currently (12am GMT+8) your site has plenty of lookups left – www.botasdejugadores.com found, and has 29584 lookups left for the day.