Labor formally agreed to the gambling reform deal in a caucus meeting on Tuesday, with the coalition following suit soon after.
Under the proposed changes, Australians would have access to a one-stop shop allowing them to opt out of online betting ads, put limits on commissions for betting agents and restrict incentives for punters.
Betting ads would also be banned from stadiums, jerseys and during live sport.
The amendments agreed to by the major parties include minor increases to the daytime blackout to 15 minutes before sporting broadcasts and moving the start time of broadcast restrictions to 5am till 8.30pm.
The gambling reforms will face a review three years after they take effect.
The amendments would support those most at risk of harm without preaching to the community, Prime Minister Anthony Albanese said.
"Australians will be better protected from inducements and direct marketing," he told parliament.
The legislation now includes a ban on direct inducements but only within 90 days from when an individual signs on to the self-exclusion register, BetStop.
Opposition communications spokesperson Sarah Henderson claims the agreement is a win for the coalition.
"Labor's bill simply did not go far enough to protect children and vulnerable Australians," Senator Henderson said.
"Sport time is family time and our amendments strengthen those protections."
It's the first policy move in the three years since a report was published by late Labor MP Peta Murphy, who called for a total phase out of gambling ads.
Feedback in a Senate report released on Monday on the gambling changes noted many of its recommendations had not been included in the reforms.
The coalition remains divided over the reforms as several members including Nationals MP Pat Conaghan have vowed to vote against it.
Mr Conaghan was a member of the original Murphy inquiry and called out his party for being "weak" by not implementing the full recommendations from multiple reports.
"I'm really disappointed that we've wasted six months," he told reporters.
"What's the point of an inquiry? What's the point of listening to those family members and doing nothing about it?"
Most minor parties are unlikely to back the reforms.
Greens senator Sarah Hanson-Young slammed the major party leaders in the Senate for "throwing Peta Murphy's legacy out the door".
"And what have we got from the leader of the opposition? Oh, okay, prime minister, whatever you say, prime minister. I mean, how pathetic!," she said.
Senator Hanson-Young said Opposition Leader Angus Taylor had blindly followed the prime minister, likening him to Mr Albanese's dog Toto.
The Greens demanded a complete ban on all online gambling advertising and called for the establishment of a national regulator which has not been included.
Independent senator David Pocock has accused the government of backing in gambling companies and shafting the Australian public.
"It is no surprise where ... we have a Labor Party tie itself in knots for three years ... and then they get Angus Taylor to negotiate one on one with the PM and come to some sort of gentlemen's agreement," he told the Senate.
Independent MP Sophie Scamps savaged the agreement.
"Weak. Piecemeal. Pathetic," she said.
"Australians are the biggest losers to gambling in the world and over 400 die by suicide each year linked to gambling addiction."
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