<p>The greatest gaming profit is generated from the purchase of in-game content. This study investigated the role of spending money on in-game content in predicting anxiety and depression, after controlling for age, gender and personality traits. Saudi gamers completed the Spending Money on in-Game Content (SMOIGC) Scale, Ten-Item Personality Inventory and Hospital Anxiety and Depression Scale. Two samples were collected for this study using an online survey. Sample 1 (<i>N</i> = 210; Mean _age = 23.99 ± 4.97; 75.14% males) was used to determine the factor structure of the SMOIGC scale and its role in predicting mental health outcomes. The results of exploratory factor analysis (EFA) indicated a three-factor solution, namely withdrawal, potential consequences, and loss of self-control. The regression analysis results indicated that the potential consequence significantly predicted anxiety and depression, even after controlling for demographic variables and personality traits. Sample 2 (<i>N</i> = 210; Mean _age = 21.83 ± 4.12; 50.47% males) was utilized to validate the factor structure of the SMOIGC Scale. The results of the confirmatory factor analysis (CFA) validated the three-factor solution identified in the EFA. In both studies, the SMOIGC scale demonstrated high reliability, with Cronbach’s alpha ranging from 0.79 to 0.90. These results suggest the importance of potential consequences in understanding the mental health of gamers. The results also support the reliability and validity of the SMOIGC scale for research purposes in the gaming context.</p>