The trio was arrested from a guest house in Civil Lines area of north Delhi on Sunday evening.
Deputy Commissioner of Police Madhur Verma identified the arrested men as Rajesh Kumar, Nitin Arora and Nitin Grover -- all residents of Delhi.
"Names of bigger bookies who were helping them have come out during interrogation and we are investigating the matter," Verma said.
The police officer said the accused also had persons inside The Oval stadium in London, who were helping them.
"There is a 10-15 seconds' delay between the game and the live telecast on TV. And by knowing what is going to happen before it comes on TV, they made huge earnings," Verma added.
At least 10 mobile phones, two laptops, two televisions and registers were recovered during the raid, which began at 7 p.m. on Sunday and went on till late night, the police said.
According to the police, the racketeers were placing huge amounts of money as stakes on the high-octane match.
On June 9, the police arrested four persons for running an online betting racket during the India-Sri Lanka Champions Trophy cricket match.