The Rangers midfielder was handed a 10-game ban - seven of which are suspended until the end of the season - and a £7500 fine relating to a breach of Scottish Football Association regulations. The player has five working days to appeal the sanctions should he choose to do so.
Black had been accused of flouting the SFA's disciplinary rule 22 by betting on three matches on his then-registered club not to win; betting on a further 10 matches that involved his then-registered club; and betting on a further 147 matches, all over a seven-year period.
Players and officials under the SFA's jurisdiction are not permitted to bet on any games. The effective three-match ban equates to one game for each of the matches in which Black bet on his team not to win. The player was given a censure relating to the charge of betting on matches not involving his team, a tacit acknowledgement from the SFA's three-person disciplinary panel that gambling is rife among players.
The player and his adviser, boxing promoter Barry Hughes, left Hampden quickly after the three-hour meeting without commenting. Fraser Wishart, chief executive of the Professional Footballers' Association Scotland, who represented Black in the meeting, was also reluctant to talk about the specifics of the case but hoped it would lead to greater debate on football's relationship with gambling and a possible change in the regulations.
"I don't want to talk about Ian's own personal situation because it's been a long hearing," said Wishart. "It's important we take stock, speak to the club, speak to the player and decide what steps to take next.
"I think the details of what was discussed and what was imposed will come out in the coming days. I'm not going to comment on Ian's situation. Ian's got to go away and take stock and we'll sit down with our lawyers and discuss what, if any, the next steps are.
"It gives us the opportunity, all the legislators in the game, to have an open, frank and adult conversation about the current regulations."
Wishart, though, did confirm that there had been no suggestion that Black had in any way influenced the outcome of the matches in which he bet on his team not to win.
"He was accused of breaching rules on betting. There is a separate rule which is based on influencing the outcome of a match and at no time was that ever mentioned. So match-fixing, influencing games was not part of this situation."
Rangers issued a brief statement. "Rangers Football Club notes today's verdict by the Judicial Panel which has imposed a 10-match ban and £7500 fine on Ian Black.
"Three of the matches will be served immediately - meaning the player would miss games against Arbroath, Queen of the South and Forfar - and a further seven games will be suspended until the end of the 2013/14 season.
Black would be free to return to action against Stenhousemuir on Saturday September 28, 2013.