Gambling companies reportedly donated $4 million to the Labor Party between 2021 and 2025, a detail seized on by independent MP Andrew Wilkie.
"This morning, I referred the gambling reform matter to the National Anti-Corruption Commission," he told reporters at Parliament House on Wednesday.
"My concern that individuals in the federal government, when formulating gambling reform policy, have been improperly influenced by individuals in the private sector.
"This has resulted in policy so clearly at odds with research, public opinion, and the public interest that the implementation of such policy could be characterised, in my opinion, as serious corruption."
Under Labor's proposed changes, betting ads would be limited to three per hour between 6am and 8.30pm and gambling ads would be banned from live sport, stadiums and player jerseys.
The planned laws are much weaker than the recommendations from an inquiry led by the late Labor MP Peta Murphy, which in 2023 called for a complete phase-out of gambling ads and received cross-party support.
Few of the 31 recommendations have been implemented.
Prime Minister Anthony Albanese said Mr Wilkie was entitled to make a referral to the watchdog, but he rejected claims the gambling industry had influenced government policy.
"Our government is determined to get the policy right," he told parliament.
"We have exchanged views across the parliament, including with crossbenchers, including with the opposition and we will get it right.
"I don't suggest members on any side of this debate have been influenced, other than by how do we deal with an issue that is complex."
Labor and the coalition are still in talks over a deal to pass the gambling reforms through parliament, but an agreement is yet to be formalised.
Eight other independents back Mr Wilkie's belief the legislation is unconvincing, doubling down on allegations of improper dealings with gambling firms.
"It's not only those $4 million in donations over the last five years; it's lavish gifts," northern Sydney MP Sophie Scamps said.
"We heard about the lavish birthday party that was put on for the former communications minister, we know about the tickets to sporting events".
Former communications minister Michelle Rowland was dined in 2023 by Responsible Wagering Australia, a lobby group representing firms such as Sportsbet, Ladbrokes and Bet365.
She also faced criticism for accepting a Sportsbet's donation of $19,000 a year earlier.
The $4 million donation figure was aired by Nine newspapers in late July.
Its mastheads reported the prime minister and Sports Minister Anika Wells had a rule to not meet one-on-one with sports-betting executives to avoid the perception they were being swayed.
Ms Wells has been contacted for comment.
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