Champion jockey Damien Oliver was Tuesday banned from racing for 10 months after admitting putting money on a rival horse that won a race in which he was riding.

The Australian two-time Melbourne Cup winner was suspended for eight months over the betting scandal and was slapped with another two month ban for using a mobile phone in the jockeys' room prior to the race, which is prohibited.

"I want to apologise to the racing industry. I'm deeply sorry for my actions," Oliver said in a brief statement after the Racing Victoria hearing.

The betting charge related to a race two years ago at Moonee Valley in Melbourne in which Oliver, 40, breached the rules by betting Aus$10,000 (US$10,400) via a third party on eventual winner and favourite Miss Octopussy.

Oliver's horse, second favourite Europa Point, finished sixth.

Jockeys are banned from betting on any horse, while betting on a horse in the same race is one of the "gravest breaches" of Australian racing laws.