The Western Bulldogs are under an AFL betting investigation involving one senior and one VFL-listed player.
The probe is particularly serious because the alleged plunge apparently involved bets on the Bulldogs to lose.
If found guilty, any players caught laying bets appear certain to face massive suspensions.
The Bulldogs have confirmed that they contacted the AFL on Saturday after becoming aware of bets placed on the pre-season match against Melbourne that day in Ballarat.
The Demons won by seven points.
According to the Herald Sun, up to 10 people, including Bulldogs players, were involved in the plunge.
"The players who self-reported, have co-operated fully in the AFL investigation," the club said in a statement.
It is unclear whether any other Bulldogs players are involved.
"Western Bulldogs general manager, Football Graham Lowe contacted Brett Clothier of the AFL integrity unit on Saturday afternoon, immediately upon being notified of some betting activities by an AFL listed player and a VFL listed player of the club, to report that information," the Bulldogs said.
"The AFL integrity unit is currently undertaking an investigation into the subject matter of that report and has asked the club to defer its own investigation until an outcome in the AFL investigation is reached."
They added their own ethics and integrity sub-committee would hold off on a review until the league's investigation is over.
In 2011, Essendon assistant coach Dean Wallis was banned for 14 weeks over three bets he made on AFL games - one of them involving the Bombers.
Earlier that year, Collingwood defender Heath Shaw fell foul of the league's strict anti-gambling rules and was banned for eight games.
His captain Nick Maxwell was also fined after it emerged Shaw had bet on him kicking the first goal in a match.
Maxwell was fined after his family also placed bets on him.
Last month, it emerged that AFL commentator and former North Melbourne star David King was under police investigation for bets placed on last year's AFL Rising Star award.
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