"I accept last week's ruling. I would like to apologise and I understand and fully accept the fine imposed by the FA," Scholes said in a statement released to British media.
"It was a genuine mistake and was not done with any deliberate intention to flout the rules.
"I wrongly believed that as long as there was no personal connection between me and any of the matches that I bet upon then there would be no issue. However I understand now that this is not the case and I should have taken steps to verify this."
Scholes won 11 Premier League titles, three FA Cups and two Champions League crowns with United before hanging up his boots in 2013.
In March, he left his role as manager of League Two outfit Oldham Athletic after only 31 days in charge.
(Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Christian Radnedge)
