The American former world number four accepted the $56,250 fine along with a suspended fine of $131,250 and a suspended ban of 18 months and fully co-operated with the investigation, the ITIA said in a statement.
"As a Tournament Director, Blake is considered a "covered person", who must comply with the sport's rules around relationships with betting operators," they added.
"This case is more a matter of perception, rather than corruption," ITIA CEO Karen Moorhouse said.
"We urge anyone in the sport who is unclear or is considering commercial deals like this to get in touch with us to seek guidance."
Blake was a member of the US team which won the Davis Cup in 2007 and also reached the quarter-finals of the Australian Open and US Open.