Family members of the late co-founder of online gambling operator 888 Holdings have sold off half their stake in the company.

Israeli media outlet Globes reported that the family of 888 co-founder Aharon Shaked, who left his shares in the company to his family when he died in 2010, had sold 40m shares at £2.70 per share last week, for a total return of £108m.

The sale reduced the 888 stock owned by Aharon’s widow and his two children to 12.9% of the total issued share capital. Shaked’s brother Avi Shaked holds an additional 24.1% of the company.

The share sell-off follows one year after 888’s other co-founders, the Ben-Yitzhak brothers, sold off £57m worth of 888 stock, the largest in a series of share sales that ultimately reduced the brothers’ holdings in the company to below 3%.