When virtual advertising is inserted into a sport broadcast, viewers are simultaneously exposed to both a sport event and an advertised brand. The purpose of this study was to determine whether the perceived fit between a sport event and an advertised brand in virtual advertising affects viewers’ attitudes toward the advertised brand. Sport viewer confusion and event suspense were also examined, as a mediator and moderator, respectively, for the relationship between perceived fit and brand attitude. Participants (N = 131) took part in an experiment in which perceived fit and event suspense were manipulated using animated virtual advertising and video clips of Korean professional baseball broadcasts. Results showed that perceived fit in virtual advertising positively influenced brand attitude and this effect was mediated by reduced levels of sport viewer confusion. However, no moderating effect of event suspense was detected. Considering these findings, implications for theory and practice are discussed.