When you buy a sub-$500 laptop, don't expect very high graphics settings in new games. To fully enjoy playing latest games you need something better than AMD APU or Intel Core i3/i5 processor with integrated GPU, which are both common in cheap laptops. If gaming is your main priority, then I suggest spending around $100 more on a notebook with a Core i5 processor and NVIDIA GT 630M / AMD HD 7670M class video card.
Amazing performance for a $529.99 laptop! http://www.amazon.com/Acer-Aspire-V3-571G-6407-15-6-Inch-Laptop/dp/B009JXK1WQ/ref=pd_rhf_dp_p_t_1
Amazon currently has the Acer Aspire V3-571G-6407 laptop with a dedicated NVIDIA GeForce GT 630M graphics card for just over 500 dollars. I'm not sure how long this deal will last, but it's a very powerful notebook for the price. All newer games should run pretty nicely on this laptop and its powerful Intel Core i5 helps with processor-heavy tasks.
Acer Aspire V3-571G-6407 15.6-Inch Laptop
Intel Core i5-3210M 2.5GHz, up to 3.10GHz
4GB of DDR3 memory installed
500GB (5400rpm) SATA hard disk drive
NVIDIA GeForce GT 630M 1GB DDR3
15.6" CineCrystal LED-backlit display (1366 x 768)
Microsoft Windows 8 64-bit