People who wish to bet on sports events will find a way to bet whether it is legal or not. I agree that it would generate a lot of revenue, but more importantly it would keep it legal for our citizens. I personally have no problem with the legalization of sports betting. Sounds like a good idea to me. In fact, it just seems hypocritical of federal laws and state laws not to allow sports betting when many states currently have lotteries and legalized gambling!
Not legalizing this is stupid and short sighted. It wastes current government resources when it could be generating revenues and cleaning up the providers by forcing to be legit.