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This study examined whether playing an augmented reality (AR) video game might benefit players’ psychological well-being. Specifically, it tested predictions afforded by integrating the broaden-and-build theory within the framework of the Differential Susceptibility to Media Effects model. An online survey of 399 U.S. adults aged 18–75 indicated that playing the AR game Pokémon Go was associated with various positive responses (increased positive affect, nostalgic reverie, friendship formation, friendship intensification, and walking), most of which predicted enhanced well-being. Additionally, two indirect effects of gameplay were moderated by social anxiety. For highly anxious participants, gameplay showed weaker associations with positive affect (a predictor of enhanced well-being), but also weaker associations with nostalgic regret (a predictor of reduced well-being).