Purpose: The purpose of the study was to develop and test a model for predicting problem gambling in speculative game users based on Blaszczynski and Nower’'s pathways model of problem and pathological gambling. Methods: The participants were 262 speculative game users recruited from seven speculative gambling places located in Seoul, Gangwon, and Gyeonggi, Korea. They completed a structured self-report questionnaire comprising measures of problem gambling, negative emotions, attentional impulsivity, motor impulsivity, non-planning impulsivity, gambler's fallacy, and gambling self-efficacy. Structural Equation Modeling was used to test the hypothesized model and to examine the direct and indirect effects on problem gambling in speculative game users using SPSS 22.0 and AMOS 20.0 programs. Results: The hypothetical research model provided a reasonable fit to the data. Negative emotions, motor impulsivity, gambler's fallacy, and gambling self-efficacy had direct effects on problem gambling in speculative game users, while indirect effects were reported for negative emotions, motor impulsivity, and gambler's fallacy. These predictors explained 75.2% problem gambling in speculative game users. Conclusion: The findings suggest that developing intervention programs to reduce negative emotions, motor impulsivity, and gambler’s fallacy, and to increase gambling self-efficacy in speculative game users are needed to prevent their problem gambling.