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We spent an afternoon removing any of the very minor references to wagering on a horse racing site that had been advertising with Adwords for years. Unfortunately, it was only after we did it that the rep then said that horse racing in general is the problem.
This is obviously a new policy considering the amount of ads triggered for most horse racing terms. The timing is pretty funny considering the recent announcement about alcohol ads.
I was told then that all forms of gambling were banned because of the links to casino. I could not even advertise a site which provided information (location, direction, facilites) for racecourses.
At the time Google were banning me from advertising a horse racing site and yet dozens of my competitors had their sites allowed (or managed to slip through the net). Google would only respond saying that all gambling ads are banned and that I would have to submit reports of infringing ads one by one.
I did this but gave up as the ads were never removed. Google allowed my competitors to advertise but not me. Unfair practice / advantages. I gave up on advertising after that.