The Crime Branch identified the two as Uttam C. Jain alias Kitty and Jasraj Jain alias Raja. They were arrested Thursday.
"They are being sent to court today (Friday) and will be taken into police custody in due course," a statement said.
According to police, with the arrest of Uttam Jain, the investigation shall pursue new leads to get to know the modus operandi of betting in the game, the extent of money involved in betting, main gamblers and punters, and how the money was received, distributed and invested.
"The call analyses and electronic devices analysis pertaining to the accused are underway. These shall help us show their connections," the statement said.
"It shall also help (us) show the connection of different bookies with each other. All those who are directly or indirectly connected will be investigated," it said.
A search is on for another bookie, Sanjay Bafna.
Those arrested earlier include Harish Bajaj, S. Virudhachalam also known as S. Vedhachalam, Lucky alias Narpath Jain, Pappu alias Praveen Kumar Goutham, Deepak Bajaj and Sunil Bajanlal.