A theoretical model of gambling behavior examining the relationships between regular gamblers, the gambling institution, and the outside society is proposed and assessed in this study. This model is based on findings from a participant observation study conducted in a Canadian urban casino, a review of the related literature, and interviews with regular casino players. The intent of this investigation is to explore the structural and cultural factors operating both in society at large and in a particular gambling institution, and connect them with the personal characteristics of avid regular gamblers. A triangulation of the following reserach methods -- participant observation, survey, and in-depth interview -- was employed to generate empirical data to verify the proposed model and the hypotheses derived from it.