A cricket betting racket has been busted with the arrest of one person and cash and other valuables worth Rs 1.55 lakh seized.

The police confirmed the news on Sunday.

The bets were being accepted for the fifth and final one-dayer between New Zealand and India which the Kiwis won by eight wickets.

Five mobiles, a laptop and Rs 20,000 were recovered from Subramaniyam Nagar in the city, police added.