During Sutton's FA Cup match against Arsenal last season, Shaw was filmed munching on a pasty whilst waiting near the substitutes' bench.
Sun Bets tweeted after the match that they had paid out a significant five-figure sum in one of their novelty bets. As a result of the incident, Tabcorp UK, who trade as Sun Bets, had their licence reviewed.
Shaw was charged by the FA with intentionally influencing a football betting market and improper conduct, handed a £375 fine and banned for two months for flouting FA bettings regulations.
The 46-year-old resigned from Sutton, and told 'BBC Radio 5 Live' in an interview that his ''world fell apart.''
Programme director of the Gambling Commission, Richard Watson said: ''Gambling firms must ensure the systems they have in place are protecting their customers effectively.''
He said: ''Novelty betting markets, such as the market Tabcorp UK offered on last year's FA Cup tie between Sutton United v Arsenal, may seem like a bit of fun but the consequences were serious - with the potential to encourage someone to commit a criminal act or breach a sports governing bodies' rules."
Tabcorp UK will have additional conditions to comply with for their gambling licence, and will be made to pay their £84,000 fine to socially responsible organisations.