Cowdenbeath have sacked their defender Dean Brett “with a heavy heart” after a disciplinary hearing.
The player is alleged to have placed 2787 bets, some on his own team to lose.
He has also subsequently been banned by the SFA for offensive remarks on social media.
It is the gambling issue which has prompted his dismissal by the League Two club.
In their statement, Cowdenbeath said: “In a case of gross misconduct the employer (Cowdenbeath FC) has the right to terminate employment and dismiss the employee concerned but other options can also be considered.
“The board thus considered what action should be taken in respect of this gross misconduct. Dean’s long service to the club, his well-documented and tragic personal difficulties in 2014/15, plus clear evidence of a gambling problem were among the important mitigating factors taken into account in this case.
“Various options were considered but ultimately, and with a very heavy heart indeed, the board concluded that this was an act of gross misconduct which could warrant no other sanction but dismissal.
“The board’s duty was clear. A player betting on his own team to lose, often in matches in which he was playing, is not a situation Cowdenbeath FC could accept or excuse. Simply put, no Cowdenbeath FC player committing such an act could remain in the employ of the club.
“The board of Cowdenbeath FC therefore has today conveyed to Dean its decision is that he is dismissed and his employment has been terminated without notice. We believe this decision to be one that any reasonable employer would make and that it is both fair and reasonable in the circumstances.”
Cowdenbeath have offered to pay the player for the remainder of his contract, which is due to expire in May. Any payment will be contingent on him seeking help for gambling addiction, refraining from betting and deleting his social media accounts.
Brett is yet to be sanctioned by the SFA regarding the betting.