The 26-year-old had originally been charged over 232 alleged breaches of betting rules in November, with the charges occurring between February 2017 and January 2021. The following month, Toney was charged with a further 30 alleged breaches of FA betting rules.
The FA will now go through his response before issuing a hearing date. It will be then down to an Independent Regulatory Commission to reach a verdict and issue a subsequent punishment.
The commission will decide whether to dismiss or uphold the charges denied by Toney, based on the evidence.
They will then take a cumulative look at all the offences before deciding his punishment. Sky Sports News anticipates that Toney could be banned for at least six months.
It is in Brentford's interests that Toney be banned as soon as possible so that he can return without missing too much of next season. Any ban will include the summer months and the Bees are in a strong position in the table this term.
However, it could take the FA several weeks to digest Toney's response which means a hearing is most likely to take place in April.
What are the rules on betting in football?
Betting on football is banned worldwide for all players, managers, coaches, club staff, directors and licensed agents involved in the game within the Premier League, EFL, National League, Women's Super League, Women's Championship and the Northern, Southern and Isthmian leagues.
Participants covered by the ban are prohibited from betting, either directly or indirectly, on any football match or competition that takes place anywhere in the world.
The ban also includes betting on any other football-related matter such as the transfer of players, managerial appointments or team selection.
The passing of inside information to somebody that uses the information for betting is also not allowed. Inside information is information that protagonists are aware of due to their position in the game and which is not publicly available, like injury or team selection news.
They are not allowed to use inside information to place a bet or to instruct someone else to do so on their behalf. Equally, they are not allowed to pass inside information on to someone else which they use for betting.
Source: Sky Sports