Should gambling in India be legalized?

Beyond the raging controversy over the finances and ownership of IPL teams, there are long-standing murmurs of betting and match fixing in cricket. Betting is banned in India, but that has not stopped people from indulging in it. Would it not make sense to legalize it? Prohibition never stopped people from drinking — it just made some of the alcohol unsafe. In fact, what a ban does is to drive such activity under ground, with criminal elements, terrorists and the drug mafia all getting involved. Legalizing betting and other forms of gambling would minimize the underworld's role by bringing this activity into the open. The government would also be able to raise revenues through taxation. Some might say the social consequences of gambling -- stories of men gambling away their family's savings -- make it not worth the risk. But if there are regulations in place, this possibility too would be minimized. Should betting and gambling, therefore, be made a legitimate, regulated tax-paying business?