The former Wallabies and Western Force defence and skills coach who played one State of Origin game for New South Wales, has been handed a six-month suspension for breaching the Rugby Football Union's (RFU) anti-corruption and betting regulations.
Blake was found to have committed breaches of the RFU's Regulation 17. The first charge concerned a European Champions Cup match between Toulon and Leicester on December 13, while the second related to a Premiership clash with Newcastle Falcons on March 8.
In addition to the ban, Blake was also fined £669 - the profit he made from the bets - and ordered to pay costs of £500 after his appeal against the length of his sanction was dismissed.
Christopher Quinlan QC, chairman of the RFU disciplinary panel, said: "This is the first such case that we know of in Rugby Union and is certainly the first brought under the relatively new Regulation 17 so this is new ground.
"In arriving at the appropriate sanction we have been careful to remind ourselves that we must not make an example of Phil Blake.
"We have imposed a sanction which we consider fair and proportionate to what he did, while having due regard to the proper consideration of deterrence.
"We have sought to strike a proper balance between the competing factors and arrive at a sanction we consider to be just.
"We must have regard to the wider interests of the game. It is important that those involved in the game and the wider public understand that any breach of the anti-corruption and betting regulations will and must be treated seriously."
A Leicester statement read: "We acknowledge the decision of the disciplinary hearing in relation to the conduct of Phil Blake and the panel's views on betting within professional sport.
"The club also fully endorses the governing body's regard for the wider interests of the game in respect of any breaches of the anti-corruption and betting regulations.
"Phil Blake was under contract for the 2014-15 season and is no longer employed by Leicester Tigers. The club would, however, like to place on record, as it did during his time at Leicester, that he was a popular and valued member of the coaching team and we hope he is fully able to return to the game in a suitable capacity at the end of the period laid down by the disciplinary hearing."