Kieran Trippier has been banned for 10 weeks from all football and football-related activity and fined £70,000 in relation to breaches of the Football Association's betting rules.
The England and Atletico Madrid right-back's suspension is effective immediately after an investigation by an independent regulatory commission.
Tripper denied the charges, first brought against him in May.
His scheduled return date of March 1, 2021 is subject to any appeal that Trippier may launch and any subsequent appeals by the FA if the suspension is altered.
- Kieran Trippier withdraws from England vs Denmark to attend betting charge hearing
- Champions League last 16: Chelsea face Atletico Madrid
An FA spokesperson said: "Kieran Trippier has been suspended for 10 weeks and fined £70,000 following misconduct in relation to breaches of The FA's Betting Rules.
"The Atletico Madrid defender denied seven alleged breaches of FA Rule E8(1)(b), which were said to occur during July 2019, and requested a personal hearing.
"An independent Regulatory Commission was appointed to hear the case, with four of the alleged breaches found proven and three dismissed during a subsequent personal hearing.
"The independent Regulatory Commission's written reasons for its decisions and the associated sanction will be published in due course.
"The suspension, which includes all football and football-related activity, is effective worldwide from today (Wednesday 23 December 2020) following an application to FIFA."
Trippier's ban will rule him out of at least 14 matches for Atletico, including their Champions League last-16 first-leg tie against Chelsea on February 23.
The offences are understood to have taken place in July 2019 around the time that the full-back moved to Atletico from Tottenham for a fee in the region of £20m.
Sky Sports News has contacted Trippier's representatives for comment.