Black was handed a 10-match ban - seven of which were suspended - and fined £7500 by the Scottish Football Association's disciplinary panel on Thursday after admitting to breaching the governing body's regulations on gambling. The player was charged with three counts of betting on his then-registered club not to win, betting on 10 other matches involving his then-registered club, and 147 other bets on matches not involving his team, pleading guilty to them all.
There is a blanket ban on players, officials and staff under the SFA's jurisdiction betting on matches anywhere.
One of the three matches Black bet on his team not to win was Rangers' 4-2 victory away to East Stirlingshire in April of this year. Black started and scored in the match after betting on it to finish as a draw as part of a 10-team accumulator.
McCoist revealed the player had been disciplined internally but added he would have little hesitation about picking the 28-year-old again once his three-match suspension was complete.
"Ian's got his three-match ban, seven matches suspended, and a hefty fine," said the Rangers manager. "We need to take it on the chin and move on. Myself, Craig Mather [Rangers chief executive] and Ian have discussed it. It's an internal matter and disciplinary action has been taken within the club and it will remain internal.
"It was a nothing bet and the money put on was nothing. That would indicate to me that if he is guilty of anything, it is of stupidity. He is certainly not guilty of anything else. There is a big difference. Guys get accused of match fixing and things like that, and while what he did was wrong, I don't have a big problem with it and it has been dealt with.
"I don't want to underestimate things but I'm not seeing the severity [of Black's actions] that everyone else is seeing here. And I'm not making excuses for him. He's stuck on a daft accumulator that, if you had looked at it, you would have said there's no reason for him to have stuck it on apart from to have a daft bet on a Saturday afternoon. That's all it was.
"I don't have a problem at all with [picking him again]. I have seen every bet that he's made and if our fans need reassured, in my opinion, Ian Black is as committed to this football club as he always has been and will do his best for it when he is selected again. He didn't bet on us to get beat and having seen the bet, I don't have an issue with it all."
Neil Lennon, the Celtic manager, however, said it would be "very difficult" for him to pick a player found guilty of betting against his team winning. "I would take a very dim view of it," he said. "I am not aware of it among my own players but it is an unwritten rule that you can't do [that] and it opens up a huge can of worms later on down the line. In all my time as a player or coach, it is a complete no-no."
Asked if such a player would that play for him again, he replied: "It would be very difficult. But you have to take each case on its merits. The tribunal have handled it the way they see it and there is a set ban in place and a pretty heavy fine as well, hopefully it is a lesson learned. I wasn't present, I don't know all the facts."
Steven Smith, Black's Rangers team-mate, insisted he and the other players would have no reason not to trust Black in future. "No, not at all," said the defender. "I've trained with him every day for the last two or three months, playing as well, and he has given everything he has got. That is all we can ask for as teammates. 100%, no question, we trust him."
Alex Smith, chairman of the Scottish League Managers' Association, however, felt that Black should consider himself fortunate to have received such a "lenient" punishment. "Ian Black is the luckiest player in Scottish football after this decision and I don't think anyone will see the punishment as fitting the crime in this case," said Smith. "The lad will be relieved, as will his club, but I don't think the action taken by the SFA will act as much of a deterrent. The ban is lenient, the fine even more so. His fine, in relative terms, is one week's wages. This was a landmark case and the precedent set is not a good one.
"When the next player comes before the SFA, if he hasn't bet on games involving his own club he will be expecting less than three matches."