Booth, whose contract runs until the end of the season, had been the only player left on National League South club Torquay’s books at the end of last season.
“The club is very disappointed to lose the services of Austen, but acknowledges the FA’s judgement and ban imposed on our player,” Torquay said in a statement.
“All employees of football clubs should be aware that placing bets on football is strictly prohibited.
“We have reiterated this to everyone at Torquay United in light of this specific case and reminded them of their obligations to adhere to FA rules.”
Torquay added, external that they feel more needs to be done to make semi-professional players aware of the rules around football match betting.
The club said: “In Austen’s case, Torquay United feels that the football system needs to do better to educate both clubs and especially young players who are coming through the non-professional and semi-professional ranks.
“We applaud Austen’s desire to deliver a seminar to our under-18s academy team to educate young players around the issue of football betting.”