Sweden adopted a new Gambling Act in 2019. A legal requirement is that gambling advertising should be ‘moderate’. The purpose of this study was to examine stakeholders’ views on the notion of ‘moderation’ in gambling advertising. The researchers collected data from 2019 to 2022, including 12 interviews with participants from various stakeholder groups (government, media, industry, and mutual support associations), as well as 6 seminars and 3 press conferences. The researchers identified three main themes: (1) how moderation should be interpreted (i.e., content vs. volume); (2) the importance of guidance around moderation in gambling advertising; and (3) balancing advertising restrictions and freedom of trade/freedom of expression.