SHENZHEN - A gang operating an illegal betting ring of horse racing in Hong Kong has been busted, police in South China's Guangdong province said on Monday.

Police made arrests in both Shenzhen and Hong Kong on Sunday, with more than 50 people being detained. Nine of them are involved in organized crime.

Hong Kong police estimated that the gang has laundered more than 200 million yuan ($32 million).

Shenzhen police said the gang ran an extensive network in Shenzhen and Hong Kong.