Definitely not a harsh enough punishment in my opinion. Calvin Ridley got a 1 year suspension for betting on NFL while he was not playing and other NFL players got 1 year suspensions for betting on other sports just because they placed the bets from team facilities. While I think the NFL punishments are too harsh, they weren't betting on their own team like Toney.
But it's also very hypocritical of these leagues to have sports betting advertisers and rake in the cash and then crack down on the players. I know the PL is starting to phase out gambling advertisers, so that's a positive, but American sports are a joke with this.