The purpose of this Study is to comprehensively identify the main factors of gambling activity among 30 different nations around the world, from a macro angle and in a macroeconomics perspective. The Paper also evaluates their impact upon the functioning and development of gambling services that could restrict or evolve the economic and employment growth of associated (e.g. media, sports, charity, tourism) services and thus, the industry as a whole. The variables examined, represent all institutional spectrums of a country; economic welfare-as expressed through GDP per capita, legal system, regulations, corruption, polity, religion and inequality. The paper presents empirical results which show that the legal origins of a regulatory framework of a country are indeed correlated with subsequent economic growth of the gambling industry.