The suspects are Bharath (45) from Jayanagar and N C Nagar (60) from Vasanthnagar.
Tipped off, the sleuths raided House of Lords on St Marks Road on Saturday night and arrested the suspects. They were sitting inside Lords & Lords Association Club in the fourth floor of the building and were carrying out the betting when the IPL T20 match between Kolkatta Knight Riders and Chennai Super Kings was on, added the police.
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