Looking at the effects of gambling on civilization, I would say it's not a wise move to make it legal after having it illegal for so long.
Personally, I think that gambling should be controlled such that people cannot lose their life savings over it. Many of the people who take such risks are not mentally competent to understand the risk they are taking, thus when they lose it is hardly their fault.
I would love to see some more humanitarian casinos that do the right thing, rather than being all for profit sometimes.
Gambling is a worst thing in the world and if you observe normal people will never gamble. They have no time and money for gambling. If I have 500 in my pocket I would think to take some fruits or other necessities for my family besides losing in gambling, but most of the Indians do not think so and their government knows this very well. Thats why they legalized gambling there.