A new code banning bookmakers from promoting live odds during sports play will not see any practical changes to the way betting is promoted during sports broadcasts.

While the new code will be formalised later this year, it has already been in effect this season. This means the advertising that already occurs during each sports broadcast would be allowed to continue.

A new code of conduct will stop advertising of live odds during play, but still allows bookmakers, such as Tom Waterhouse, to advertise odds during breaks and before play starts.

"Absolutely nothing will change under this code,'' Greens senator Richard Di Natale said this afternoon."The constant bombardment of betting odds will continue. Tom Waterhouse will continue to behave as a commentator as well as a bookmaker. The only change we get is that rather than having a Channel Nine logo on his microphone, he will have the Tom Waterhouse logo instead."

Mr Di Natale said the current code, which the government and broadcasters agreed to last year, had been on the table for two years. However, it fails to properly separate sports from gambling. He has instead introduced a bill that would completely ban broadcasters from advertising or mentioning odds during a broadcast.