Arena: For the Gods! has two phases. First, players use their life points to bid for the best equipment, mounts, and weapons. Second, they fight! When one player dies, the game ends, and whoever has the most life points left wins.

All cards in the game have a mythological theme, featuring some of the most famous members of various cultures' myths and histories, such as Mjölnir, Osiris, and Quetzalcoatl.