Police also recovered cash worth Rs 3.17 lakh and mobile phones from the suspects.
"The five arrested bookies were allegedly accepting bets on an ongoing cricket match between Sri Lanka and England during the Hero Cup cricket tournament last evening," said Deputy Commissioner of Police (Enforcement) Pravinkumar Patil, who refused to disclose their names.
Based on inputs received from reliable sources, Patil and his team were on trail of the suspects for the past two weeks.
The suspects were subsequently tracked down to a flat in Khatauwadi building and a watch had been kept before police snooped down on the apartment last night.
Five accused were caught red-handed while accepting bets during the raid and 16 mobiles, two laptops, an LCD television and cash worth Rs 3.17 lakh were seized from the spot.