Certainly puts things into perspective. Ethically I don't have a problem with betting on matches he is not directly involved in, or has insider information on, but that clearly wasn't the case here.
The counterpoint is that given the number of bets placed, and that a large proportion were on other teams, he wasn't in it solely to cheat the system and use his insider knowledge to profit. He also seems to have a problem with gambling.
I guess it's hard to prove motive, and you have to take a hard line on things, but betting on himself aside I'm much more worried about the abuse of influence/kickbacks used by FIFA when awarding world cups, which in my opinion is ethically similar and will never be appropriately punished. In that regard Toney is an easy target.
I am disappointed by this issue because it sounds rather tragic, and honestly I really rate Toney as a footballer. It's a shame we won't see him in the PL for a while.