It all took place between February 2017 and January 2021. Toney's club Brentford issued a statement later on Wednesday.
"The club has been in contact with Ivan and his legal representatives about the matter.
These conversations will continue to be kept private.
We will not make further comments until the matter is concluded," the club writes on its website.
The FA announces that Toney has until November 24 to come up with a response.
The 232 infractions that Toney is accused of are against rule E8 of the association's regulations.
It prohibits players from betting on football matches, even matches in which they are not involved.
Toney has been in great form during the autumn and is third in the Premier League's scoring league with ten goals.
However, he was not selected in England's World Cup squad.