The FA said the 28-year-old had also been fined £20,956.22 by an independent regulatory commission.
Toffolo was charged by the FA in July, and the player has admitted breaches of FA betting rules between January 22, 2014 and March 18, 2017. The ban is suspended until the end of the 2024-25 season.
The FA said the written reasons in the case would be published in due course.
The sanctions on Toffolo follow the imposition of an eight-month ban on Brentford striker Ivan Toney in May for breaches of FA betting regulations.
The news comes just days before Toney’s permitted return to training, with the playing ban in force until January next year.
Forest have declined to comment on the sanctions imposed on Toffolo, but the club’s manager Steve Cooper pledged his support for the player back in July.
“What I will say about H (Toffolo) is that we love him and we’re there for him, whatever happens,” Cooper said.
“That’s the group of players and staff we are, that when people need each other we stand up. He knows that. We’re really looking forward to doing right by him.”