The Premier League footballer, who plays for Brentford in England, has been banned with immediate effect after admitting 232 breaches of the Football Association's (FA) betting rules.
The ban runs until (and including) 16 January 2024. Toney has also been fined £50,000 ($62,000) and "warned as to his future conduct" by the football regulator.
The FA confirmed in a statement: "The Brentford FC forward was charged with 262 breaches of FA Rule E8 in total between 25 February 2017 and 23 January 2021. The FA subsequently withdrew 30 of these breaches and he admitted to the remaining 232.
"His sanctions were subsequently imposed by an independent Regulatory Commission following a personal hearing. He is permitted to return to training only with his club for the final four months of his suspension starting from 17 September 2023.
"The independent Regulatory Commission’s written reasons for these sanctions will be published in due course, and The FA will wait to review them before commenting further."
Back in March, Toney accepted that he had broken FA rules, which made a ban like this look inevitable.
The confirmation leaves Brentford without its star striker for the start of next season.
Other Premier League footballers to have fallen to a similar fate in recent years include Daniel Sturridge in 2018, along with Kieran Trippier in 2020. Interestingly, Trippier was handed a larger fine but a shorter ban.