Then with Surrey, Giddins bet around seven thousand pounds (12,550 dollars) on Northamptonshire to win the National League match in August 2002.
Giddins was found guilty by an England and Wales Cricket Board (ECB) disciplinary panel.
He was fined five thousand pounds, ordered to pay one thousand pounds costs and banned from any involvement in cricket for five years.
"The imposition of the maximum available suspension reflects the seriousness with which the discipline committee views any attempt by a registered cricketer to bet on the result of any match under ECB jurisdiction," the ECB said in a statement.
The ECB recently tightened their rules on gambling, banning players from betting on any aspect of a match. An investigation into the Giddins affair was launched in February but the player was not initially named.
Surrey were well beaten in the match concerned after fielding a virtual second-string side at Whitgift School. Giddins did not feature.
Giddins pleaded not guilty to the charge but did not dispute any of the facts brought before the panel.
Giddins, who won four Test caps and played for four Counties, left Surrey for Hampshire at the end of the 2002 season but retired through injury last August.
He had a controversial career, being banned for 18 months for drug use in his early years with Sussex and no-balled for throwing. He also played for Warwickshire.