The 20-year-old, who is yet to make a senior appearance for the Premier League club, admitted responsibility for 61 bets being placed on soccer matches between November 20, 2024 and February 12, 2026.
"The player admitted breaching FA Rule E1.2 by causing, permitting, or enabling 61 bets to be placed on football matches," the FA said in a statement.
In mitigation, Sherif maintained he had not personally placed any of the wagers.
An independent regulatory commission imposed the sanction after considering several mitigating factors, including Sherif's early admission of guilt following charges brought in August, his cooperation throughout the investigation and what it described as his "genuine remorse".
A Netherlands youth international, Sherif joined Everton's academy in 2019 and spent last season on loan at third-tier sides Rotherham United and Port Vale.
Everton sit seventh in the Premier League table and will face Hull City on Sunday.