Elite and professional sport events have been recognized as potential mechanisms to enhance well-being. This multicountry study investigates how engagement in such events, behaviorally through live spectating and psychologically through team identification, is associated with life satisfaction. Data from Australia (N = 268) revealed a positive association between live spectating and life satisfaction through a two-wave design measuring live spectating and life satisfaction in separate surveys. Data from the United States (N = 564) confirmed the live spectating–life satisfaction relationship found in Study 1. Additionally, Study 2 revealed individuals with higher levels of team identification perceived greater emotional support from other fans, and this perception, in turn, predicted life satisfaction. Our findings provide sport managers with implications for positioning appeals in support of sport programs and designing events that facilitate engagement to promote life satisfaction in the community.