The racket was busted by a team of the Commissioners Task Force, North Zone, along with the Bowenpally police, an official statement said here.
The sleuths took the duo into custody yesterday and seized Rs 16,000 in cash, a TV set, laptop and seven cell- phones after raiding an apartment here.
The apartment was being used to accept bets over cellphones during the ODI match played between Pakistan and Sri Lanka at the Dubai International Cricket Stadium yesterday, it said.