Wayne Rooney Snr's solicitor said his client "vigorously" denied the charges and was "co-operating fully" with the police investigation.
The 48-year-old was bailed last night pending further inquiries after being detained earlier when police swooped at his home in West Derby, Liverpool.
Anthony Barnfather, partner at Pannone solicitors who are representing Mr Rooney Snr, said in a statement: "Mr Rooney vigorously denies all of these allegations. We are co-operating fully with the investigation. No further comment will be made at this time."
Eight other people, including the Manchester United star's uncle, Richie, 54, and Liverpool-born Motherwell midfielder Steve Jennings, 26, were also arrested on suspicion of conspiracy to defraud.
Richie Rooney was detained at his home in Norris Green, Liverpool, while Jennings was arrested at his Glasgow home and brought to a Merseyside police station for questioning.
The other suspects are a 22-year-old from Kirkdale, a 26-year-old from Croxteth, a 29-year-old from Bootle, a 31-year-old from Litherland, a 68-year-old from Fazakerley, and a 36-year-old from Kirkby.
All nine have been bailed pending further inquiries until January next year.
Merseyside Police said the arrests were the culmination of a joint operation with the Gambling Commission into "suspicious betting activity".
The investigation relates to a match between Motherwell and Hearts on December 14 last year.
During the game Jennings was shown a red card in the 83rd minute of his side's 2-1 defeat.
The midfielder had been booked earlier in the match for fouling Kevin Kyle as Hearts launched a dangerous break.
The Gambling Commission, an independent body which was formed under the 2005 Gambling Act, began the probe shortly afterwards when some members of the Association of British Bookmakers publicly raised concerns about betting patterns on the game.
Jennings, originally from Kirkby, near Liverpool, has been a key player for Motherwell since joining from Tranmere in the summer of 2009 and signed his third one-year contract at Fir Park in July.
The club are currently second in the Scottish Premier League.
In a statement, Scottish Football Association chief executive Stewart Regan said the arrests follow "extensive inquiries" into alleged betting irregularities at the match.
Mr Regan said: "It is important to stress that the evidence gathered throughout this thorough period of investigation has involved only one Scottish match."
He added: "The Scottish FA will make no further comment at this stage."
Motherwell confirmed in a statement the Scottish FA had made the club aware one of its players had been taken to a Merseyside police station in connection with an ongoing investigation.
The statement said: "We have no further comment to make at this time. Any further statement would be wholly inappropriate and the club can and will only do so when properly appraised of the next steps in the process by the relevant authorities."
Wayne Rooney told manager Fabio Capello he has no concerns about leading England's attack in Montenegro for Friday's Euro 2012 qualifier.
The 25-year-old was informed that his father and uncle had been arrested after he touched down in Podgorica with the rest of the England team on Thursday.