Two of Australia's biggest sports bookmakers will pay out any bets on Essendon making or missing the AFL finals after the club was forced to forfeit its place in the eight.

Punters will also be refunded on a host of other bets, including Essendon to win the premiership or make the grand final and quinella and doubles combinations involving the Bombers.

Sportsbet and Centrebet made the announcements after the AFL hit Essendon on Tuesday with a series of penalties over its supplements program.

Among the penalties, the AFL ruled the Bombers, currently seventh on the ladder with one round remaining of the home and away season, must forfeit their place in the finals and will officially finish ninth.

Sportsbet said eligible bets must have been placed before 7.30pm on August 13, when the initial charges were announced by the AFL.