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Cavanagh was charged with betting on Accrington's final League Two match of the 2007/08 season.
"These were repeated deliberate breaches of The FA's betting rules which are vital to maintain confidence in the integrity of the game," the FA's Regulatory Commission said in a statement on www.thefa.com.
Last month four other players, three who played for Accrington and one who played for Bury at the time of the match, were fined and banned between five months and a year for betting on the same game, which Bury won 2-0.
NEWS: Lengthy bans for men who bet on own match
NEWS: Players charged by FA in betting scandal
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