According to Superintendent of Police Nasir Muneef Qureshi, police in Sialkot acted on a tip-off and raided a den of bookies at Railway Road in Pasrur city, 70 km from Lahore, and arrested Jamil Ahmed and Tariq Mehmood.
Police recovered "stake money" and several cheques for a total amount of Rs 1 million from them.
A case was registered against the accused.
Sialkot is a hometown of Test cricketer Shoiab Malik, the husband of Indian tennis star Sania Mirza.