The Rt Rev Welby urged those winning bets on his appointment as Archbishop of Canterbury to donate the money to local churches.
He added that he would not have backed himself for the job, but was not anti-gambling.
Speaking in Sunderland, he said: "It's a very strange feeling when you find yourself having odds quoted on you at a bookie. Generally speaking I am not a horse, I think that's a really important point to get across."
He went on: "I just thought if people have made money out of this, I think the church should benefit, so give it to your local church."
The Bishop of Durham has said anyone who made money by betting on his appointment as the next Archbishop of Canterbury should make a donation to the church.
Claims emerged of "insider trading" following a run on the Rt Rev Welby, before being rejected by bookmakers. But the bishop today tweeted:
Thought in the night, those who made money betting on me give it to their local church! I suspect it was less than papers suggest.
Among the many challenges facing the new Archbishop of Canterbury Justin Welby is that of uniting the Anglican Church at home and abroad.
The issue of gay marriage among others is creating divisions in Africa and the Archbishop will have to tread very carefully.
Home to some 40 million worshipers, Africa is the new home of Anglicanism in terms of numbers.
ITV News' Africa Correspondent Rohit Kachroo reports from South Africa:
The Reverend Stephen Kuhrt of Christ Church in New Malden has given his reaction to the Bishop of Durham appointment as the new Archbishop of Canterbury.
He told ITV News he was "absolutely delighted".
"I think he's going to be fantastic leader, very relevant and credible, thoughtful and courageous", he added.
David Cameron has congratulated the Rt Rev Justin Welby on his appointment as the next Archbishop of Canterbury.
The Prime Minister added that he thought the Bishop of Durham's previous work in business was a "great strength".
I am delighted at the appointment of the Right Reverend Justin Welby to Canterbury.
I have had the privilege of working closely with him on various occasions and have always been enriched and encouraged by the experience.
He has an extraordinary range of skills and is a person of grace, patience, wisdom and humour.
He will bring to this office both a rich pastoral experience and a keen sense of international priorities, for Church and world.
– Current Archbishop of Canterbury, Dr Rowan Williams
I wish him - with Caroline and the family - every blessing, and hope that the Church of England and the Anglican Communion will share my pleasure at this appointment and support him with prayer and love.
The next Archbishop of Canterbury, the Rt Rev Justin Welby spoke of some the challenges facing the Church after his appointment was officially confirmed.
He addressed the issues of women bishops and same-sex marriage.
The Bishop of Durham, the Rt Rev Justin Welby, has paid tribute to the current Archbishop of Canterbury, Dr Rowan Williams.
One of the biggest challenges is to follow a man who I believe will be recognised as one of the greatest Archbishops of Canterbury, Rowan Williams."
The Bishop of Durham has been confirmed as the new Archbishop of Canterbury.
When asked what defines him at a news conference, Rt Rev Justin Welby said:
I hope not too much just pigeonholes me and certainly not where I was educated (Eton).
It's a very long time ago that I left school. And I've been many many different places since.
I hoped I'm defined because I love and follow Jesus Christ.