Fallon, a six-time champion, and five co-defendants had been accused of conspiring to throw races.
The Times of London reported Friday the 42-year-old Fallon denied deliberately making 27 horses lose to defraud the online betting exchange Betfair and others between December 2002 and September 2004.
"I am of course relieved and delighted, but also outraged," he told the newspaper after Friday's verdict. "There was never any evidence against me."
The paper added the presiding judge ruled there was no case after two months of prosecution evidence, which he said was characterized by "very significant limitations and shortcomings."
Fallon's lawyers demanded two inquiries after the trial -- one to study the police investigation and evidence officers gave in court, and the other to determine why the Crown Prosecution Service brought the case.
It was England's biggest horseracing scandal in decades.