The two accused were identified as Himanshu Jaiswal and Goldie Verma, both the residents of Hasanganj. Their third accomplice Asif however managed to escape when the police raided their hideout near Gokaran Nath Mishra Park in Hasanganj.
The racket operated in two ways- betting on wins and loss of teams during cricket tournaments, while the betting was also carried out on rise and fall of sensex when no cricket matches were played.
The police said the betting is done entirely on credit and no money transaction is been done when the betting is on. The money transaction between punters and racketeers happens later to evade any police action.
Sources said the police was tipped off about the racket operational in Hasanganj after a betting racket was busted during Champions Trophy between India and England in Jankipuram on June 25.
Six persons were arrested in Jankipuram had revealed information about the Hasanganj racket during police interrogation. District police spokesman Alok Pathak said the police are carrying out further raids and more arrests are likely to be made in the matter.