Former senator and Victorian Labor powerbroker Stephen Conroy has been appointed head of a new gambling industry lobby group, his first job since ending his 20-year parliamentary career.

Mr Conroy has been appointed executive director of Responsible Wagering Australia, a new industry body backed by bookmakers CrownBet, Sportsbet, Betfair, Unibet and Bet365.

The body, formally announced on Wednesday, has vowed to support government regulation that will reduce the level of advertising during sports broadcasts.

The lobby group has representatives from both sides of politics, with former Liberal senator Richard Colbeck announced as chairman.