As you can see, the general consensus on this is that "it depends". Performance/query optimisation easily comes to mind - as mentioned by @Campbell and others.
But I think for the kind of application-specific database you are building, it is best to start by considering the overall application design. For application-specific databases (as opposed to databases designed to be used with many apps or reporting tools), the 'ideal' data model is probably the one that best maps to your domain model as implemented in your application code.
You may not call your design MVC, and I don't know what language you are using, but I expect you have some code or classes that wraps the data access with a logical model. How you view the application design at this level is I think the best indicator of how your database should ideally be structured.
In general, this means a one-to-one mapping of domain objects to database tables is the best place to start.
I think best to illustrate what I mean by example:
Case 1: One Class / One Table
You think in terms of a Player class. Player.authenticate, Player.logged_in?, Player.status, Player.hi_score, Player.gold_credits.
As long as all these are actions on a single user, or represent single-value attributes of a user, then a single table should be your starting point from a logical application design perspective. Single class (Player), single table (players).
Case 2: Multiple Class / One or more tables
Maybe I don't like the swiss-army-knife Player class design, but prefer to think in terms of User, Inventory, Scoreboard and Account. User.authenticate, User.logged_in?, User->account.status, Scoreboard.hi_score(User), User->account.gold_credits.
I'm probably doing this because I think separating these concepts in the domain model is going to make my code clearer and easier to write. In this case, the best starting point is a direct mapping of the domain classes to individual tables: Users, Inventory, Scores, Accounts etc.
Making the 'Ideal' Practical
I slipped some words in above to indicate that the one-one mapping of domain objects to tables is the ideal, logical design.
That is my preferred starting point. Trying to be too smart off the bat - like mapping multiple classes back to a single table - tends to just invite trouble I'd prefer to avoid (deadlocks and concurrency issues especially).
But it's not always the end of the story. There are practical considerations that can mean a separate activity to optimize the physical data model is needed e.g. concurrency/locking issues? row size getting too large? indexing overhead? query performance etc.
Be careful when thinking about performance though: just because it may be one row in one table, probably doesn't mean it is queried just once to get the whole row. I imagine the multiuser game scenario may involve a whole series of calls to get different player information at different times, and the player always want the 'current value' which may be quite dynamic. That may translate into many calls for just a few columns in the table each time (in which case, a multiple-table design could be faster than a single-table design).