Harry Findlay's six-month disqualification has been overturned on appeal and reduced to a £4,500 fine.
Findlay was last month handed the suspension by a British Horseracing Authority disciplinary panel for breaching rules against owners laying bets on their own horses, and attended an appeal on Wednesday.
The well-known owner and gambler felt the punishment was out of proportion and after representing himself at the initial hearing, he brought in specialist lawyers to protest against the severity of the ban.
Findlay admitted two breaches of the rules about laying horses - involving Gullible Gordon at Exeter and Chepstow - with the bets being placed by one of his associates on Betfair, although he was a net backer, as he had placed more money on the horse to win than to lose.
An appeal board statement read: "It was not presented as other than a deliberate betting strategy in which the lay bets were a relatively small part of an overall back bet and in which no one lost unfairly.
"There was no suggestion that the integrity of the race or Gullible Gordon's running in it was in jeopardy. It is clear that Mr Findlay's best financial interests lay in the horse winning.
"There was also Mr Findlay's full co-operation and the fact that it was Mr Findlay himself who drew the BHA's attention to the Exeter race when interviewed concerning the Chepstow betting.
"We feel the panel did not or not sufficiently take into consideration the principle we have mentioned. Maybe they felt constrained by the guide to penalties which only mentions disqualification in this context, albeit elsewhere stating that panels have discretion to impose different penalties from those suggested.
"In the circumstances outlined here, we feel justified in expressing our own clear view that Mr Findlay should not have been disqualified. To that extent we allow the appeal.
"The result could have been a substantial overall fine. However, we cannot undo the fact that Mr Findlay has suffered disqualification and the indignity of it for over a month now. That will remain with him and we regard it as a serious penalty in itself."
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