Betting should not be allowed because it hurts people's lives. Unless someone is very good at betting, one can lose thousands, maybe even a lifetime worth of money! On the other hand, those who are good at betting, are opportunists who take advantage of others misfortune! Those who lose all their money hurt their families and may end up without a home, or at least very poor. We should end betting in order to preserve people's lives. This would also decrease taxes because welfare spending would be lessened. This would include food stamps, shelters and other welfare efforts. Decreasing welfare would allow spending in needed areas or toward the debt. Therefore, making betting illegal will decrease welfare spending and increase people's lives.
Betting is associated with games at a casino which people do for FUN and their own personal enjoyment. Betting is just a little added element to the game to make it a little more interesting.
Betting is done at your own risk. Everyone knows it coming in. For some, it can turn their life around by winning lots of money.
You brought up the obvious point that betting can cause you to lose a large sum of money. Betting shouldn't be completely illegal, but instead limited. Limitations on how much a person can bet will help the person keep money while still being able to have a good time.
The whole thing about preserving people's lives by ending betting is taking it all a little to far. Not all of these are caused by betting.