Harry Findlay, joint owner of 2008 Cheltenham Gold Cup winner Denman, has been banned for six months for laying bets on another of his horses, Gullible Gordon, to lose in races at Exeter and Chepstow.

Under the rules, owners can back their horses to win but not lay them to lose. His case was heard by a British Horseracing Authority panel on Wednesday and the ban was imposed last Friday.

Findlay admitted breaching the rules and said later he would not own horses in Britain again.

The panel said in a statement on their website: "It is right to drop substantially below the entry point (for punishment) of 18 months because of the nature and circumstances of the lay betting for the Chepstow race and because of Mr Findlay's open co-operation with the investigation."

Findlay, a professional punter, said he would appeal and leading betting exchange Betfair described the punishment as "disproportionate".

In both races, Findlay backed Gullible Gordon to win much more than he laid it to lose.

Findlay told the Racing Post: "Win or lose the appeal, I will never own horses in Britain again. I understand why they don't want people even hedging but they can't destroy someone's livelihood."