As I have heard that Dubai is the place where lot of money is involved in sports betting,especially cricket.Is it true that this place is home for major bookies of the world.

this place is home for many notorious criminaks so its absolutly possible that the people involved in cricket betting hide at that place.

I have never heard of this, but I guess it is understandable. Anywhere there are rich people with money to waste, it will be wasted in any manner possible. I think this is true with both young and old people, but I think the betting is usually done by the old people that have money coming in and don't work as much anymore.