Vincent, 35, is expected to be banned for life by the England and Wales Cricket Board for his involvement in match-fixing while playing in limited overs cricket for Lancashire and Sussex.
He was charged in May by the ECB with 14 match-fixing offences relating to his time with those counties.
Vincent also confessed to the International Cricket Council's anti-corruption unit of fixing in the Indian Cricket League and while playing for the Auckland Aces in the Twenty20 Champions League in South Africa in 2012.
In a statement released to New Zealand media, Vincent took full responsibility for his actions and said he would accept his punishment.
"My name is Lou Vincent and I am a cheat," the statement began,
"I have abused my position as a professional sportsman on a number of occasions by choosing to accept money in fixing.
"I have lived with this dark secret for so many years, but months ago I reached the point where I decided I had to come forward and tell the truth.
"It's a truth that has rightly caused uproar and controversy in New Zealand and around the world. I have shamed my country, I have shamed my sport, I have shamed those close to me. And for that, I am not proud.
"I lost faith in myself, in the game, I abused the game I loved. I had to put things right.
"Speaking out, exposing the truth, laying bare the things I have done wrong, is the only way I could find to begin to put things right.
"The time has come for me now to face them like a man and accept the consequences – whatever they may be."
Vincent said the support of his wife Susie had allowed him to face up to what he had done and to confess to his family and the authorities.
"I can finally look my children in the eyes and tell them that honesty is the best policy – even if it feels like the hardest thing to do at times," he said.
"I now believe in myself as a person again and I don't wake up every morning hating myself.
"Today is the day I offer my deepest, deepest apologies to the public and the cricketing world, to the loyal fans, to the dedicated coaches, staff, players past and present.
"I apologise to and thank the ACSU for the help and support that is out there for all players, that has helped me a great deal."
Vincent also stressed that the fact he suffered from depression was no excuse for his wrongdoing.
"The people who know me know I'm vulnerable, but they also know that I am not stupid. And I know what is right and what is wrong," he continued.
"I do suffer from depression – that is absolutely no excuse for all I've done wrong.
"I used to think mistakes were made by bad people, but now I even know that good people can make the worst of mistakes.
"My actions I will regret for the rest of my life."
Vincent was one of three former New Zealand internationals that were revealed as being investigated by the ICC's anti-corruption unit. Chris Cairns and Daryl Tuffey have consistently denied any wrongdoing.
A life ban would mean Vincent cannot earn a living from the sport in any capacity.
"It is entirely my fault and I'll never be able to stand in front of a game again, it's entirely my fault that I will not be able to apply my skills in a positive way to help future cricketers, but it is entirely possible that I can use this moment to convince others not to be tempted by wrongdoing," he said.
"To do the right thing for themselves, for family and friends and for the sport they love.
"I accept my punishment."