Justice Abhay Oka, hearing Tarannum's plea, observed that investigations were still on and chargesheet has not been filed in the case so far. Keeping this in view, it indicated the applicant to withdrew the application.
Tarannum's lawyer Prakash Shetty said he was withdrawing the bail application.
Public Prosecutor S R Borulkar and Assistant Public Prosecutor Rajashree Gadhavi opposed the bail saying the cricket betting was an international racket and the role of the accused was being probed.
Tarannum had urged for bail after sessions court denied her liberty on October 3.
Tarannum, alongwith bookies Pradip Parmar and Milind Dhiraj Nandu, arrested on September 16 for their alleged involvement in cricket betting racket, has been remanded to judicial custody until October 10.
The trio is booked under Gambling Act, Indian Telegraph Act and Information Technology Act, apart from certain sections of IPC.
Tarannum hit the headlines following an income tax raid on her house, which revealed that former bar-dancer was immensely rich.
Police took over the probe after Income Tax men found telephone numbers of bookies and some Sri Lankan cricketers in her mobile phone.