Purpose The purpose of this study was to test whether subjective evaluations of alcohol expectancies mediate the association between perceived drinking expectancies and participation in drinking games (DGs). Participation in DGs facilitates heavy drinking; therefore, we also examined the association between DG participation and alcohol-related problems. Methods This cross-sectional study included 187 female athletes from an all-women's college in the Northeastern United States. Respondents completed self-report questionnaires in small groups who reported on their alcohol use, drinking expectancies, and number of DGs played with their teammates during the semester. Results A mediation effect emerged for subjective evaluation of liquid courage expectancy but not for increased sociability and cognitive/behavioral impairment expectancies. Although perceived expectancies of cognitive/behavioral impairment were associated negatively with DG participation, positive subjective evaluations of this expectancy were related positively with DG participation. Finally, participation in DG was associated positively with alcohol-related problems. Conclusions Findings are consistent with notions of social learning and utility theories and sheds light on the link between alcohol expectancies and participation in DGs among female student athletes. Results also highlight the health risks associated with DG involvement. Intervention programs aimed at decreasing the prevalence of DG participation might consider addressing students' perceptions about the desirability of liquid courage expectancies.