Shares in gambling firm 888 drop as one of its top shareholders sells the last of its stake

 
Courtney Goldsmith
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888 was hit by a record £7.8m penalty earlier this year (Source: Getty)

Shares in online gambling firm 888 dropped this morning after one of its top shareholders, the O Shaked Shares Trust, sold its entire stake.

O Shaked, which is owned by the family of one of the company's founding shareholders, received 243p per share, raising gross proceeds of around £112m, by selling off the last of its stake in the company, which represented about 12 per cent.

The family of Avi Shaked, another of the company's founders, retains a 24 per cent stake in the business.

The firm's share price fell around five per cent at the market open. At the time of writing, shares were down 4.29 per cent at 247.9p.

Last month the company reported it had swung to a pre-tax loss of $17.3m (£13m) from a profit of $27.8m in the six months to the end of June.

Profits were dented by exceptional costs including a record £7.8m penalty from the UK Gambling Commission for failing to protect vulnerable customers.

The commission found "significant flaws" in 888's social responsibility processes, which aim to protect customers from gambling-related harm.

Read more: Europe trounces UK to become 888's biggest market

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