The phrase "game lol" is a shorter way of saying "playing a game, laugh out loud." It means that someone is having fun or finding something funny while playing a video game.
Sentences with «game lol»
I'm just a fun loving guy who enjoys playing games lol, and I like trying new things to that interest me. (videogamerdating.com)
Just a reminder that I will always be the better gamer lol. (n4g.com)