While issues regarding advergaming have captured the interest and attention of both practitioners and academics, in practice success stories of persuading people to buy branded products or services due their promotion in such games are rare. A better understanding of the consumer’s purchase intentions can provide insights into failed advergame campaigns, and help to improve the implementation of future ones. Therefore, it is important to examine the underlying drivers of purchase intention with regard to advergaming. The present study is based on Lavidge and Steiner’ hierarchy of effects theory, and proposes a novel research model to define a relationship structure among the key drivers (i.e., brand placement, individual psychological state, and media content perspectives), and attitude toward the advergame, attitude toward the brand, and purchase intention. We conducted an empirical study consisting of an online survey of 522 consumers who had experience of advergaming. The results show that brand-game fit, brand prominence, involvement, entertainment value, and advergame quality were found to be five key antecedents of attitude toward the advergame. Both attitude toward the advergame and attitude toward the brand were found to be two important mediator variables of purchase intention. In addition, purchase incentives have a moderating effect in this study. Implications for marketers and scholars are further discussed.