Prince George's County police have decided to end their seven-month investigation into gambling in the Washington Bullets front office without charging any team officials.

The investigation, which began last December, focused on two high-ranking Bullets officials who allegedly were using their Capital Centre offices to place bets -- mostly on horse races -- for themselves and other employes.

Police investigators and county prosecutors concluded at a meeting Wednesday that there was insufficient evidence to charge any Bullets or Capital Centre employe with gambling or bookmaking offenses.

Bullets owner Abe Pollin said yesterday he has been conducting his own investigation of the alleged gambling ring and probably will be finished next week. At that time, Pollin said , he will decide the status of the two team officials who were placed on administrative leave last month in connection with the investigation.

Team marketing director Chip Reed and director of season ticket sales Randy Quartemont were placed on leave after the police probe was disclosed in The Washington Post. They could not be reached yesterday for comment.

The police probe of the Bullets centered on allegations that Reed and Quartemont were using their offices to place bets for themselves and other employes.

Because of the National Basketball Association's strict policy against gambling by players or team officials, the county police investigation was conducted in extreme secrecy and was considered highly sensitive because of the ramifications a gambling connection could have on the professional franchise.

The main concern of NBA officials was that basketball games might have been fixed or that players were involved in the betting. Early in their investigation, county police ruled out those possibilities.

The Bullets probe began last December after the county police vice intelligence unit staged a gambling raid at a Laurel apartment belonging to Reed. During the raid, police confiscated money and gambling equipment and arrested one man who was charged with bookmaking and other gambling-related offenses.

Reed, a Bullets employe for 10 years, was away during the raid at his apartment and was not arrested or charged. After police obtained further information that Reed was allegedly involved in a gambling ring, the police department's vice unit launched its special investigation of the Bullets front office using six investigators and several well-placed informers.

Police officials have charged that the disclosure of the ongoing probe last month forestalled any chances of criminal prosecution.

Police spent most of the past month wrapping up their investigation and taking statements from Bullets and Capital Centre employes.

The material police gathered was turned over to Prince George's County State's Attorney Arthur A. Marshall Jr. A spokesman for Marshall said yesterday that a statement would be released next week regarding the case. s

Police were investigating the Bullets front office as part of a larger investigation into bookmaking in the county. That effort will not result in any arrests either, according to police sources.