Television networks have agreed to implement the Government’s new restrictions on the airing of live betting odds after Prime Minister Julia Gillard threatened to legislate a complete ban.

The networks had put forward a plan that would still allow the practice during quarter-time and half-time breaks, but Ms Gillard today said that did not go far enough.

She gave broadcasters two weeks to present a code that complied with the Government's requirements, which will still allow generic gambling ads during quarter-time and half-time breaks

There was an immediate reaction from Free TV, which represents the television networks.

It described the plan as "unprecedented" but agreed to implement the new restrictions.

"These are unprecedented restrictions for broadcasters but we accept the Government has acted in response to community concern," a statement form Free TV said.

"We will submit a revised code within the next two weeks in line with the Prime Minister's announcement."

Ms Gillard had earlier said if the industry did not impose a complete ban, the Government would introduce legislation to enforce it.

"From the moment the players step onto the field to the moment that they leave the field, there will be no live odds," she told a press conference this morning.

"Broadcasters have been warned that failure to present a suitable code will result in the Government taking further action.

"I think it has got over the top and I think people will be relieved.

"I want kids to know their maths but not learn it watching live sports. When they watch sport I want them to be enjoying the contest, the physical prowess and display of team work.

"We believe we have the right balance."

NRL chief executive Dave Smith says the Government's intervention is an important step towards finding right balance.

He says betting must not be allowed to become the primary focus of the game and young fans should not be exposed to excessive promotion of betting during matches.

Michael Sullivan, the chief executive of Sportingbet, agrees.

"We are licensed and legal in Australia and we think we're entitled to promote our businesses but it's obviously gone too far with the odds integration," he said.

"I've been running generic ads for my business for the last seven years since we've been allowed to advertise and no-one's said a word so clearly this is the area where people have concerns.

"And quite frankly I think it's fair enough."

Bookmaker Tom Waterhouse has declined to comment on the developments.

Sorry, this video has expired Julia Gillard lays out the Government's guidelines on the airing of live odds

Pressure to act further

Opposition Leader Tony Abbott has accused the Government of playing catch-up politics, saying Labor has embraced Coalition policy.

But Communications Minister Stephen Conroy says the Coalition's policy would have still allowed live betting odds to be shown during quarter-time and half-time breaks.

"Tony Abbott, a few weeks ago, signed up to the code that is out there on the table," he said.

"Well, we're being very clear, we do not think that goes far enough."

There has been growing internal pressure on the Prime Minister to act, with several Labor backbenchers planning to use this week's caucus meeting to demand tougher restrictions.

Labor MP Stephen Jones has been preparing a private members bill on the issue.

He says while today's announcement is a step in the right direction, he is concerned it will still allow generic gambling ads.

"I'll look at all the details of the materials that have been announced today and I'll talk with my caucus colleagues over the next 24 hours. If I don't need to move ahead with it, I won't," he said.

Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume. Watch Duration: 13 minutes 6 seconds 13 m Trade Minister Craig Emerson joins Insiders

Labor frontbencher Craig Emerson has told the ABC's Insiders program the promotion of betting odds is ruining sports on television.

"We're doing more than perhaps the industry would've liked," he said.

"But we are doing this on behalf of the sports watchers, the sports lovers of Australia and particularly the kids."

Independent Senator Nick Xenophon says the Government's new restrictions on gambling ads do not go far enough.

"Live odds may well be on the way out," he said.

"But viewers will still be inundated with gambling ads before the game, during quarter-time, half-time, three-quarter time and after the game.

"So there will still be a strong link between gambling and sport."

Independent MP Andrew Wilkie agrees.

"Getting rid of live odds is a good thing, but it's only a tiny step. It doesn't deal with the key issue," he said.

"The central issue is that we're allowing the promotion and advertising of gambling during the day when children are watching TV and at a tempo that's spoiling the entertainment of the game for adults."