Michael Boateng and Hakeem Adelakun, both 22, were charged this weekwith conspiracy to defraud contrary to common law.
The National Crime Agency said the Crown Prosecution Service's organised crime division was satisfied that it was in the public interest to authorise the charges.
Boateng and Adelakun's club, Whitehawk FC in Brighton, said the pair have now been "dismissed with immediate effect" following an emergency board meeting.
In a statement, Whitehawk FC said: "The club was aware that these two players, namely Michael Boateng and Hakeem Adelakun, were being investigated last week, at which time the club took immediate steps to suspend them pending the outcome of investigation by the police.
"In light of recent decisions by the police and the Crown Prosecution Service, the club can now confirm, after an emergency meeting of the board (on Friday December 6), that the two players have been dismissed with immediate effect for bringing the club into disrepute."
The board of directors called on the club's supporters and sponsors to rally round the players and back them for their games ahead.
Club director Mark Turner said: "The board are disappointed by these allegations and have taken steps to protect the club."
Boateng and Adelakun, from the Croydon area of south London, have been bailed to appear at Birmingham Magistrates' Court on December 11.
They are the third and fourth people charged in connection with the investigation into an alleged international illegal betting syndicate.
Chann Sankaran, 33, from Hastings, East Sussex, and Krishna Sanjey Ganeshan, 43, from Singapore, were charged last month with plotting to defraud bookmakers.
Both were remanded in custody to appear at Birmingham Crown Court on December 13.