But independent MPs and harm reduction advocates have labelled long-awaited changes lacklustre and beholden to the gambling lobby.
The government has chosen not to progress a national gambling regulator, a key recommendation of a 2023 parliamentary probe into gambling harm.
That review, chaired by late Labor MP Peta Murphy, finally got a formal response on Tuesday, more than 1000 days after it was made public.
ACT Senator David Pocock led condemnation of the government's response, saying it didn't address its 31 recommendations and was "both cowardly and disrespectful".
"Cowardly because they are not willing to actually just front up on a day when journalists (are) in budget lock-up ... and disrespectful because they don't even respond to those 31 recommendations," he said.
"Tragically, we have a prime minister totally captured by vested interests when it comes to gambling, and we're seeing no action from them."
According to a Queensland study, Australians lost more than $32 billion on legal gambling in 2023/24, giving Australians a world-leading average loss of $1521 per adult per year.
The Australian Institute of Family Studies has estimated one-in-seven adults were experiencing gambling harm, or at risk of it.Â
To combat these issues, the government is instituting a three-an-hour cap on gambling advertising on television, with all ads banned during matches.
Radio advertising will also be banned during school hours, as will cross-promotional content and all gambling advertising inside stadiums, including playing kits.
Online ads will be restricted to verified over-18 users, while keno-like "pocket pokies" apps will be banned, with blocks placed on offshore gaming sites.
The government has committed to making a new criminal offence of match-fixing, following similar laws being created at state level.
The prime minister told parliament the changes - foreshadowed at a National Press Club appearance in April - got the balance right between allowing adults to gamble and shielding young people.
"They will make a meaningful difference," Mr Albanese said, with the changes to take effect by January.
Others disagreed, with Hobart-based MP Andrew Wilkie calling the response "terrible" and WA independent Kate Chaney labelling it "pathetic".
"Partial bans don't work, they just move the money around," she said.
Ms Chaney said the example this week of Ladbrokes and Neds brought to light the failing regulatory environment.
An Australian Communications and Media Authority investigation showed "more than 500 breaches of national self-exclusion rules" by parent company Entain.
The regulator found Entain opened accounts, allowed bets, and failed to close accounts for gamblers who had placed themselves on the register, and kept sending them texts and emails encouraging them to bet.
"When people register for self-exclusion, there should be no way for them to open new accounts for licensed wagering services in Australia," the authority's Carolyn Lidgerwood said.
While Entain acknowledged fault and must fix the mistakes, Ms Chaney said the lack of fine or punishment showed the need for a "national gambling regulator with teeth".
Responsible Wagering Australia, the body representing gambling outfits, said more time was needed to implement the changes.
"These are major, costly reforms that require significant operational changes and wagering, racing, sport, broadcasters and online platforms urgently need clarity ahead of the 1 January 2027 start date," chief executive Kai Cantwell said.
Mr Cantwell said "overregulation" risked Australians taking their gambling to "illegal offshore sites with no consumer protections, no safeguards and no contribution to Australian sport, racing or taxpayers".
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