Abstract: The aim of this study was to investigate whether the effects of advergame disclosures were moderated by gamers’ moods. More specifically, we tested whether the effects of disclosures on brand recall, game attitude, and brand attitude via activated persuasion knowledge were different for people in positive moods than in negative moods. An experiment (n = 127) showed a moderated mediation effect: advergame disclosures activated persuasion knowledge, which resulted in higher brand recall, but also in more negative game and brand attitudes. This mediated effect was only significant for people in positive moods: a disclosure raised awareness of the advergame’s persuasive nature, which subsequently led to more critical processing. People in negative moods already processed the advergame in a critical manner. These findings have important implications for theory, legislation, and the advertising practice.