A group of 20 leading betting companies has joined to explore ways of minimising potential harm from gambling.
It is the first time a cross-industry group of companies has come together to tackle the issue.
The group will aim to ensure consumers have greater transparency and clarity of gambling offers, as well as trying to improve identification of people who show tendencies towards risky behaviour.
Its chairman, Russell Hoyle, said: "The British gambling industry leads the world in its approach to social responsibility.
"The founding members of the P3 Group recognise that the industry needs to act proactively across all sectors of gambling in order to minimise the risk of harm from gambling.
"The vast majority of people who gamble do so safely and enjoy gambling as part of their leisure experience.
"However, we recognise that there is a small minority for whom gambling can be harmful.
"The P3 Group believes that the best way to understand and tackle this is through a cohesive, cross-industry approach.
"We will work closely and cohesively with the industries' trade bodies who are already undertaking new ground-breaking initiatives in a number of areas, developing far reaching codes of practice."