"There is no reason for believing that the accused are guilty under the Maharashtra Control of Organised Crime Act (MCOCA) at this stage," Additional Sessions Judge Vinay Kumar Khanna said.
The court said there is prima facie "no sufficient material" against the accused to establish their "nexus" with organised crime syndicate.
Besides the two cricketers, the court also granted the relief to 17 other accused, including 14 bookies, on a personal bond of Rs 50,000 with one surety of the like amount.
"There are allegations of betting by bookies and fixing by players for benefiting the syndicate.
"After probing into the matter deeply and going into the materials placed before the court, this court finds that there is no sufficient material on record to establish that there is a nexus of accused with the organised crime syndicate," the judge said.
Delhi Police have so far arrested 26 persons, including Sreesanth and two of his Rajasthan Royals teammates - Chavan and Ajit Chandila - in connection with the case.
Besides the 19 who were granted bail by the court, six others are now in judicial custody till June 18 while one of the alleged bookies, Ramesh Vyas, is in police custody till June 18. Chandila and six others have not yet applied for bail.