Lt. J. Paul Vance said that the betting involved several sports, college as well as professional.
The call-in radio show, in which Sebastian frequently talks about betting on games, is broadcast live before weeknight NFL games carried by WTIC radio.
"The show won't be on tomorrow," Steven Salhany, the station operations manager, said Wednesday night. "I have to decline further comment at this point."
Sebastian could not be reached Wednesday. The 62-year-old Farmington resident faces charges of professional gambling and transmitting gambling information.
Randy Petroniro, 46, who resigned his position as a town councilman in Wolcott on Tuesday, has also been arrested. Petroniro has been charged with professional gambling and transmitting gambling information.
Petroniro was not at home to comment when a reporter visited on Wednesday evening.
Police said the gambling ring operated in and around Hartford. Police have seized a number of luxury automobiles they say were bought with proceeds from the operation, including a Ferrari and a Mercedes Benz.
Also arrested were Constantine Galanis, 44, of Bristol; James Loughery, 55, of Wethersfield; Anthony DiSantis, 48, of Wolcott; Patrick Corry, 53, of Wethersfield; Brett Margentino, 31, of Berlin; Leo Barney, 81, of Bristol; Christopher Peck, 43, of Berlin; Maryanne Vece, 56, of Westbrook; Tommy Allen, 36, of Bloomfield; Edward Jamele, 57, of Southington; and Kelvin Townsend, 42, of Hartford.
The individuals face a number of charges, including corrupt organizations and racketeering activity (C.O.R.A.), conspiracy to engage in C.O.R.A., professional gambling, transmitting gambling information, conspiracy to engage in professional gambling, maintaining gambling premises and possession of gambling records.
Vance said that all those arrested were involved with the ring's operation and that police expect to make additional arrests.
The arrests came after a yearlong investigation involving the FBI, the Internal Revenue Service Criminal Investigation Division, the Statewide Organized Crime Investigative Task Force and the chief state's attorney's office.
"It involved a lot of technology and a lot of good old-fashioned police work and, again, the seizure of records," Vance said.
— Courant staff writers Edmund H. Mahony and Kim Velsey and FoxCT reporter Laurie Perez contributed to this story