The 28-year-old was charged in July with offences dating back to when he was contracted to Norwich City but playing on loan with Swindon Town, Rotherham United and Scunthorpe United.
On Wednesday an FA panel handed Toffolo a five-month ban, which has been suspended until the end of the 2024-25 season, and a fine of £20,956 ($26,165) after the player admitted to all 375 charges.
An FA statement read: "Nottingham Forest’s Harry Toffolo has been given a five-month suspension, which has been suspended until the end of the 2024/25 season, and £20,956.22 fine for misconduct in relation to our betting rules. The defender admitted that he breached FA Rule E1(b) 375 times between 22 January 2014 and 18 March 2017, and an independent Regulatory Commission imposed his sanctions following a hearing. The Regulatory Commission’s written reasons for these decisions will be published in due course."
Rule E1(b) explicitly bans players from betting on all forms of football and from passing on information which may be used to place bets. The exact nature of Toffolo's offences will not be known until the FA releases its written reasoning.
The suspended nature of the ban means Toffolo –– who is yet to feature in the Premier League this season –– will be available for selection by Forest.
Toffolo's case is the second high-profile disciplinary case involving betting breaches in recent months after Brentford and England striker Ivan Toney was hit with an eight-month ban and a £50,000 ($62,417) after admitting to 232 breaches.
Toney is due back in training with his club next week after completing the portion of his suspension which prohibited him from participating in any footballing activities.