|Ping is a function of the physical distance your ICMP packet has to travel and back through the wires plus the # of routers it has to pass through. If your game server were located in, say, Australia your pings would be on the order of 500-800ms. With the pings you're claiming the server must be in the same city as you.|
The other metric you have to watch out for is packet loss. Doesn't matter if you have a great ping if you have 50% packet loss: That means that your effective throughput is HALF what it's capable of.
Also, just because the ping is great that doesn't guarantee your game will run smoothly. Typically a game server has a separate queue for pings to reduce the load on the game. Your packets to the game server are fighting for attention from the game server like everyone elses' and if the server is overloaded it doesn't matter what your ping is: You're going to lag.