It means that Facebook users who no longer want to view such advertisements will be able to stop doing so.
The BGC have been working closely with Facebook over the past year and hope to come up with even more new tools in the future for those who want to see fewer betting ads.
It follows a similar move by Snapchat earlier this year.
The move is in addition to the updated Industry Code for Socially Responsible Advertising, which was released last year.
Under the code, BGC members must ensure that all social media ads must be targeted at consumers aged 25 and over unless the website proves they can be precisely targeted at over-18s.
In a further sign of the regulated industry’s commitment to raising standards, at least 20 per cent of their TV and radio ads are safer gambling messages.
BGC chief executive Michael Dugher said: “This is yet more evidence of our commitment to raising standards in the regulated industry.
“I welcome this move by Facebook and I would urge all social media and search platforms to provide the ability for users to opt out of viewing betting adverts.
“The regulated betting and gaming industry is determined to promote safer gambling, unlike the unsafe and growing online black market, which has none of the safeguards which are commonplace among BGC members.”