According to police, Avnish Verma (18) and Himanshu Verma (17) had betted some money on the outcome of a cricket match they were playing in the morning.
They had a dispute over payment of the money, police said.
Later in the afternoon, Avnish went to Himanshu's home and shot him with a country-made pistol, killing him on the spot, they said, adding he fled from the spot.
A case has been registered under Section 302 IPC and investigations were on, police said.