The arrests were made from Siyani Gate area after a raid was conducted by a crime branch team in a house last night.
Police recovered some cash, a laptop, mobile phones, calculators, a television set and betting related materials.
Those arrested were Mukesh Gupta, Vinod Batra, Gaurav Gupta and Anupam Gulathi - all aged between 27 and 40 years.
Police said that all accused were involved in betting on cricket matches for a long time.