The players allegedly received about $US1000 per match for losing specific points or games in 17 Futures and Challenger tournaments in Spain.
The link between the players and the ring was former Spanish tennis player Marc Fornell-Mestres, who had been monitored by the police since 2007.
Some €167,000 (£151,000) in cash was seized along with a shotgun, more than 50 electronic devices, five luxury cars, credit cards and documents relating to the case in police raids on 11 properties.
"A criminal group of Armenian individuals used a professional tennis player, who acted as the link between the gang and the rest of the criminal group", said Europol.
Europol, the European Union law enforcement agency, have released a statement detailing the "dismantling" of an Armenian organised crime group, that bribed tennis players for betting purposes, by the Spanish Civil Guard.
Spanish police arrested 15 people, and said another 68 have been investigated, as part of probe into tennis match-fixing by an Armenian criminal gang, Deadspin reports.
The 36-year-old Fornell-Mestres was provisionally suspended from professional tennis at the end of last year, according to the Tennis Integrity Unit, which said the suspension related to an investigation into "alleged breaches of the Tennis Anti-Corruption Program".
Twenty-eight professional tennis players are being investigated by Spanish police for alleged match-fixing including a player who competed at last year's US Open. "They then gave the order for bets to be laid both nationally and internationally", added the statement.
Authorities said on Thursday the players fixed results after taking bribes from the Armenian ring.
Authorities said members of the Armenian ring attended the matches to ensure the players complied with what was previously agreed.
One of those athletes competed at the US Open past year and the net is closing in on the Armenian criminal gang who organised the enterprise.