It was alleged Jellis placed his bets over the course of five seasons, when he was aged 18 to 22, with 198 of them on matches involving the team he was playing for at the time.
Of those 198 bets, 16 were place on his own club.
In the independent regulatory commission’s written reasons for the decision, it was stated the hearing accepted the bets were “substantial although not prolific” and that Jellis was “young and inexperienced, with a lack of awareness and comprehensive understanding of The FA betting rules at the time that the bets were placed”.
Jellis, whose bets totalled a net loss of £2,856, said in a written statement “that mates who played local football were all putting ACCAs [accumulators] on as part of their Saturday routine and when I turned 18, I started doing the same”.
He added there was “nothing at any of the clubs I played at on loan from Stevenage to indicate that I was not permitted to bet on football”.
Jellis said when he did it “it was not in my mind that I could be getting involved in the professional game again” before he apologised and said he took “full responsibility for my actions”.
Jellis has played seven times for Walsall this season, with the last of his six appearances in League Two on 30 August against MK Dons.