Two others have been detained for questioning, said police.
Police have given names of the four as -- B Sudhakar, G Srihari, Varma and Suresh.
They took bets during the recently held India-New Zealand match, in a house in Tilak road area of the city, Rajahmundry Urban district Superintendent of Police B Rajakumari told PTI.
They had taken the house of one E Suresh on rent to carry out this illegal business, said police.
Police have seized one laptop, television set, betting material, diary and cash of Rs 1.05 lakh from their possession, said the official.