Lumia 530 runs on Snapdragon 200 quad-core processor and we have seen in our earlier comparisons that it usually is faster than Lumia 525 in carrying out regular smartphone stuff. It even gives good fight to Lumia 630 in terms of performance, which tells a lot about Windows Phone optimization, as Lumia 630 has better processor in Snapdragon 400.
In this video, we have tried to judge the gaming prowess of Lumia 530. You can see Subway Surfers, Hungry Shark Evolution & Rail Rush game-play hands-on Lumia 530. It does cope up pretty well without breaking a sweat. I have even played games for continuously an hour or more and it does keep its cool. So, yes for the price it commands, it is a potent gaming tool.