The decision follows extensive talks between companies also including SkyBet, Betfred, Betfair, Stan James, Gala Coral and William Hill.
No adverts will be broadcast for a defined period before and after a game is broadcast and, significantly, the ban applies to any game that starts prior to the 9pm watershed but ends after that time.
Given the commercial importance of gambling to horse racing, it is the only sport that will be exempt from the restrictions.
Labour’s Deputy Leader and Shadow Secretary of State for Digital, Culture, Media and Sport, Tom Watson MP, said he was “delighted” by the move as the number of adverts during live sports had “clearly reached crisis levels”.
He told the BBC: “There was clear public support for these restrictions and I’m glad that the Remote Gambling Association has taken its responsibilities seriously and listened.”