The retention rate of mobile game players is one of the subjects that spark most interest in the industry, as many abandon the games only a few hours after downloading them. This study examines the antecedents of loyalty towards mobile games from the perspective of perceived value and explores the moderating effect of intensity of playing. The results revealed that hedonic value (i.e., perceived enjoyment and perceived attractiveness) and, to a lesser extent, utilitarian value (i.e., effort expectancy and perceived usefulness) are crucial in the loyalty that players feel towards mobile games. Intensity of playing weakens the relationship between perceived usefulness, perceived enjoyment and loyalty intention. Based on the findings, theoretical and practical implications are provided.