Lalit Solanki, 27, Nitin Shokeen, 27, Pawan Solanki, 30, Mohit Kumar, 21, and Jitender Kumar, 22, were arrested from Delhi's Pooth Kalan area Thursday.
The said they had bet over Rs.1.5 crore in the Indian Premier League (IPL) in 2013, Champions Trophy and India-Sri Lanka-West Indies one-day tri-nation tournament in the West Indies.
"Two laptops with details of their transactions were recovered. Seventeen punters had placed 154 bets on India and Sri Lanka teams," said a police officer.
The mastermind of the gang, Lalit Solanki, said he placed bets to make quick money.
Tri-series final: Cricket betting syndicate busted in Delhi
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