Seven people were arrested and another three were detained for questioning on Sunday on suspicion of running an illegal online gambling service.
Police said the seven were also suspected of tax offenses and money laundering involving tens of millions of dollars.
Investigators searched the suspects’ homes in central Israel, seizing money, documents, and information relating to their alleged activities.
During the course of the raids, luxury cars were impounded by cops.
The arrests followed a joint investigation between the Israel Police, the Tax Authority, and the State Prosecutor’s financial department.
The suspects are expected to be brought to the Rishon Lezion Magistrate’s Court for a remand hearing later Sunday.
Police said they expect to make further arrests in the case.
Gambling, including online gambling, is illegal in Israel.