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LONDON (Reuters) - NETeller (LSE: NLR.L - news) <NLR.L> posted a doubling of third-quarter profit on Monday but its stock fell 8 percent as the online money transfer firm's founders sold shares representing nearly 30 percent of the company.

NETeller, a beneficiary of the growth in online gaming, said in a statement some 35 million shares had been placed at 625 pence through its broker Canaccord.

"The placing will result in the founder shareholders holding less than 30 percent of the issued share capital of the company and hence no longer be deemed to exercise control," it said.

NETeller provides an online means of transferring funds worldwide, used by more than 2 million customers and 1,700 supporting merchants. Its shares closed 7.9 percent lower at 654.5 pence, valuing the firm at 789 million pounds.

NETeller's income before tax jumped 106 percent to $26.3 million (15 million pounds) in the three months ended September 30 and was up 122 percent at $66.9 million in the first nine months.

"We have seen excellent growth across all areas of the business on a year-to-date basis. We look forward to the final quarter of 2005 with confidence and expect to demonstrate continued progress", Chief Executive Gord Herman said.

Revenue also rose 106 percent to $44.9 million in the third quarter, while the gross margin widened to 73.9 percent from 69.6 percent a year ago. Average daily receipts from customers rose 88 percent to $3.64 million.

"All the key performance indicators are in line (with expectations) but that's not to underplay the strength of the results," Evolution Securities analyst Robin Chhabra said.

Following last year's third-quarter results, founders including Chairman Stephen Lawrence sold shares worth 86 million pounds, reducing their stake to 49.9 percent from 75.4 percent.