The revelation follows a probe into suspicious transactions by a casino 1,800 km away in Goa.
Apart from the house in an upscale locality of Gurgaon that appeared to be serving as the headquarters of the betting racket, tax officials also conducted searches in Goa, Delhi, Noida and Kolkata.
Sources said the team had seized cash in excess of 2 crores besides jewellery and an unspecified amount of foreign currency.
In the hours after the raid, sources said the businessman at the centre of the racket had spoken about earning 90 crores, all unaccounted, from this enterprise.
"This is the most sophisticated betting racket that I have ever seen," a senior tax official told NDTV.
Tax officials found the betting operators had built a mini-telephone exchange, small enough to fit into two briefcases, which were connected with 27 mobile and smart phones and a laptop. They had invested heavily into their communication infrastructure for a high-bandwidth operation, the official said.
Officials of the tax department's investigation wing didn't say if the betting racket operating out of Gurgaon's Phase II had been active during the just-concluded India New Zealand One Day International series.
The tax department, after initial questioning of the house owner, handed the accused along with the betting gadgets to Gurgaon police for initiating proceedings against them under criminal law.