Madley, a former Premier League referee, remains active in England's top-flight while also refereeing games in the Football League.
Madley, speaking at the Cheltenham Science Festival during an event on technology in sport, said: "As a fan, hate it, hate it. Love the Championship, love League One - I'm still a fan. I love League One because you score a goal, you look at the referee, you look at the assistant, he hasn't put his flag up, it's a goal.
"It takes that emotion away from it and football is a game where there could be one moment in the game, one goal, and that's it. To take that emotion away, to have to wait and wait, and what feels like an eternity, as a fan I'm not a huge fan of that experience."
Monster has been created
He also said: "There's so much money in football, it's business-driven. So any mistake is perceived to cost people money and I don't think most football fans were clambering over each other to get video technology.
"The players weren't, the referees weren't, but the people who run football, they are multimillion-pound and billion-pound people, and they had issues with referees getting things wrong.
"I think we've got to the stage where people go, 'Sorry, we're ruining football with this now'. But we knew the monster that had been created. As referees, we knew what was coming."