The 20-year-old admitted breaching FA Rule E1.2 by causing, permitting or enabling bets to be placed between 20 November 2024 and 12 February 2026.
Sherif said in his defence that he had not personally placed the bets, but acknowledged that they came from accounts in his name which he had funded.
An independent regulatory commission imposed the fine after considering his admission, cooperation with the investigation and remorse.
The commission said Sherif had shown “genuine remorse”. The sanction does not include a playing ban, allowing the forward to continue his football career.
Born in Liberia, Sherif is a Netherlands youth international who joined Everton's academy in 2019. He began training with the first team in early 2025 but has yet to make a senior competitive appearance for the club.
His development has included loan spells in the English lower leagues. In February, he joined Port Vale for the remainder of the season, scoring twice in 17 League One appearances as the club were relegated.
The FA's rules cover not only players who place bets themselves but also those who cause, permit or enable betting activity. Sherif's admission concerned the accounts and bets linked to him, despite his statement that he had not personally placed the wagers.
The £5,000 fine brings the disciplinary case to a conclusion, with the commission taking his cooperation and remorse into account when deciding the punishment.
Sherif now faces the task of continuing his development at Everton after the investigation, with the case serving as a reminder of the betting restrictions that apply to professional footballers.