Ipswich striker Michael Chopra and Doncaster midfielder James Coppinger were among nine defendants found in breach of horse racing rules after a British Horseracing Authority investigation into alleged corruption.
Chopra was found in breach of committing corrupt and fraudulent practices and offering a bribe, while Coppinger was found guilty of corrupt and fraudulent practices.
The verdicts were delivered after a four-day hearing by the BHA disciplinary panel.
A third footballer, Mark Wilson, was also found in breach of committing corrupt and fraudulent practices and offering a bribe. The former Manchester United trainee is currently with non-league Gainsborough Trinity.
The investigation centred on charges relating to former flat-racing jockey Andrew Heffernan, who was found in breach of all charges brought against him.
The allegations concerned horses being laid to lose on betting exchanges in races that took place between November 2010 and March 2011.
Information from the Press Association was used in this report