Australia’s major wagering firms have carved a $150 million hole in the advertising market as they pre-emptively pull back spending while the government mulls whether to ban online betting ads entirely.

Data from independent firm Guideline (formerly Standard Media Index), which tracks how much Australia’s advertising agencies spend in different areas, shows the gambling category has plunged from $300 million in 2022, to $251 million in 2023, and to $150 million in the past 12 months. This fall was particularly pronounced in the television sector, JPMorgan analyst Don Carducci said.