Wright had to be substituted out of the game following Betts' high bump in the third quarter, and scans on Tuesday revealed he had a fractured jaw.
The incident was assessed as reckless conduct, severe impact and high contact, totaling 550 demerit points and a five-match sanction.
However, Betts can accept a three-week ban with an early guilty plea because of his six-year good record, which reduces the penalty by 25 per cent to 412.5 points.
An early plea reduces the sanction by a further 25 per cent to 309.38 points and a three-match sanction.
Betts left the ground to shepherd Wright in the Saints' defensive 50m zone, leaving the youngster dazed as he left the ground clutching at his jaw.
MRP chairman Mark Fraser said by choosing to leave the ground, Betts's conduct was reckless and he was liable for any damage to his opponent, even if there was a head clash.
"There wasn't a head clash with this one, he just got him high with the shoulder, but we thought it was a reckless act," Fraser said on AFL.com.au's The Verdict.
It was the only report laid by the match review panel out of Monday night's game, with St Kilda midfielder Jarryn Geary cleared of a bump on Carlton captain Marc Murphy.
Fraser said Murphy should have been paid a free kick, but the force used in the bump was below that required to constitute a reportable offence.