The ban is effective immediately and will run through until 16 January 2024, with Toney not permitted to return to training with his club until the final four months of the ban, beginning 17 September.
Toney, who has been capped by England once, was charged with 262 breaches of FA Rule E8 between 25 February 2017 and 23 January 2021. The FA subsequently withdrew 30 of these breaches and Toney admitted to the remaining 232.
FA Rule 8 states any player, match official or coach must not bet, either directly or indirectly, on any matters related to football anywhere in the world.
News of the alleged breaches first broke in November when Toney posted a message on his social media account saying he was assisting the FA with an investigation.
Shortly after, the FA confirmed it had identified an initial 232 breaches before more breaches were added in December.
Toney was also fined £50,000 (€57,559/$62,340) and warned about his future conduct. The FA added that an independent Regulatory Commission, which oversaw the sanctions, will publish written reasons for its actions in due course.
Issuing a response to the announcement on his Instagram account, Toney said he would wait for the written reasons before making further comment on the case.
“I am naturally disappointed that I will be unable to play for the next eight months,” Toney said. “I make no further comment at this point other than to thank my family and friends, Brentford and our fans for their continued support, through what has been a very difficult time.
“I now focus on returning to play the game I love next season.”
Brentford also issued a statement in relation to the ban, saying it would wait to review the written reasons before taking further action.
“Brentford FC is currently awaiting the publication of the written reasons of the independent regulatory commission,” the club said. “We will review them before considering our next steps.”