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This study investigates emotional (hedonia and eudaimonia) and cognitive (perceived price value) factors that may impact event satisfaction from a novel perspective of virtual running events (VREs). Additionally, it explores how participants’ experience levels (novice vs. experienced runners) moderate these relationships. The findings provide valuable insights for sport event designers aiming to create consumer-centric virtual event experiences that align with evolving consumer expectations in the digital era. This study employed a quantitative research design, using a self-administered online questionnaire and non-probability convenience sampling. Data were collected from 842 adult female participants of a specific VRE. Structural equation modelling and multi-group confirmatory factor analyses were conducted to test six hypotheses, examining the relationships between hedonia/eudaimonia/perceived price value and VRE satisfaction, as well as the moderating effect of participants’ experience levels. Statistically significant positive relationships were found between hedonia, eudaimonia, perceived price value and VRE satisfaction. Participant experience levels moderated these relationships, with hedonia having a similar effect across groups, while eudaimonia and perceived price value had a stronger impact on novice participants. By aligning VREs with evolving participant expectations, this study provides actionable insights for designing more engaging, fulfilling and value-driven virtual experiences with broader implications for both business and society. The findings highlight the importance of considering participant experience levels when studying event satisfaction, suggesting a need for more nuanced approaches in event research. The research offers insights for the design of more inclusive and engaging virtual sport events. The findings have practical value for virtual event experience designers to optimize VRE participation satisfaction and engagement, both for novice and experienced runners, ultimately enhancing both business outcomes and societal well-being.