I think such an argument is reasonable. It does seem that putting restrictions on advertising cigarettes has contributed greatly to reduce the perception that smoking is badass.
But I believe that it should be possible to come up with a set of mandatory guidelines that would ultimately help consumers make more informed decisions when selecting a product. And I think this is a pretty reasonable thing to say, since so many governments enforce already some form of legislation to fight against deceptive advertising [0]. Actually, advertising of the very industry being discussed in this thread (gambling) is already being regulated by many countries [1], so I would be interested in hearing more about why you think this shouldn't be the case.
[0] https://en.wikipedia.org/wiki/False_advertising [1] https://en.wikipedia.org/wiki/Gambling_advertising