Television adverts for casinos, betting shops and gambling websites would be allowed from September next year, under new proposals.
The public consultation goes on until 15 September
The plans place restrictions on targeting young people and the vulnerable.
The guidelines follow the passing of the Gambling Act last year, which gives operators greater scope to advertise.
Advertisers would not be allowed to suggest that gambling is a way to achieve financial security.
A public consultation on the guidelines will be launched later on Tuesday and the finalised regulations will take effect in 2007 when the Gambling Act comes into force.
The consultation will be launched jointly by the Committee of Advertising Practice (CAP) and the Broadcast Committee of Advertising Practice (BCAP).
Andrew Brown, CAP and BCAP chairman, said the overriding responsibility was to ensure gambling advertisements were socially responsible and avoided any harm or exploitation of children or vulnerable groups.
The Advertising Standards Authority will assess whether these new adverts comply with guidelines.
Any print adverts breaching regulations will be looked at by the Gambling Commission while broadcast commercials which break guidelines will be referred to Ofcom.
Gambling Commission chairman Peter Dean said: "It will be crucial to ensure that advertisements are consistent with the provisions in the legislation, and in particular with the objective of protecting children and other vulnerable people from harm."
Under the proposed rules, gambling adverts must not link gambling to seduction, sexual success or "enhanced attractiveness".
Spread betting would only be advertised on specialist financial TV and radio channels as an investment activity.
However, other groups voiced fears over the proposed changes.
Salvation Army spokesman Captain Matt Spencer said: "The Salvation Army is concerned about the introduction of new gambling advertising and the potential impact that this may have on society."
He said adverts were designed to stimulate demand, meaning that more people were likely to take up gambling.