The suspension comes after Suarez bit Chelsea's Branislav Ivanovic during the second half of Sunday's 2-2 draw at Anfield.
It means he will not play again this season - Liverpool have four Premier League games to play.
The remainder of the suspension is due to be served at the start of next season.
With the Capital One Cup second round taking place early in the season, Suarez looks set to miss the first five league games of 2013/14, meaning he will be available again in mid to late September.
However, Liverpool have until Friday to appeal against the length of the ban.
Sky Bet trader Chris Spicer said: "We took a lot of bets on Suarez to get a ban longer than eight games but we were quite confident that the FA would be less strict than the 10-game ban he was given.
"It's a huge blow for Liverpool. They were 11/10 earlier in the week to beat Newcastle, now they are 11/8. Their only saving grace is that the remainder of their season is compiled of mainly dead rubbers."
If Suarez does depart, Bayern Munich are rated 7/2 favourites for his signature with Manchester City next in the betting at 5/1.
Suarez was banned for eight games last season for racially abusing Manchester United's Patrice Evra, while he was suspended for seven matches for a similar biting incident while playing for Ajax in 2010.