Should betting be legalized in India?

On revelation of the latest cricket betting scandal, there are growing voices in favor of legalizing betting. I have tried to put pros and cons of this decision, if taken in future.

Pros
1. Betting cannot be stopped so why not legalize it. Regulations may bring discipline and transparency in the betting process.
2. Government will get huge revenue in the form of taxes.

Cons
1. Betting per se is not bad, it is a natural tendency of humans to side with one of the possibilities of probability of certain event happening. As long as things happen in their own way, this is okay, the problem begins when individuals start manipulating events, by force or seduction. This darker/criminal side of betting cannot be stopped even if betting is made legal.
2. It well known that betting involves mostly black money. Legal betting will block black money flow which is virtually the soul of betting operations and hence has very little chance of success.
3. Legalization of betting will only help the shady business to gain respect. Betting houses will be setup with all the latest technology. They will do only a fraction of their business in the legal way. Bulk of the business will still be with black money, out of legal purview but done with infrastructure setup legally and openly.
4. Today’s fence sitters, who are afraid to bet because of its disrepute, will get a moral push to indulge in betting once it has official sanction. More and more people will throw their good money after this murky business.
5. Government’s expectation of getting a big chunk of revenue is out of place since mostly the betting will still happen with black money and out of reach of tax men.

More cons than pros????

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