Play is phylogenetically widespread, and there are many proposed theories and fitness benefits of play. However, we still need a theoretical framework that unifies our understanding of the benefits that facilitated the evolution of play in so many diverse species. Starting with von Uexküll's theory of the Umwelt (i.e., the sensory-motor worlds of animals), together with the behavior systems approach, we propose that the Umwelt is an information processing system that serves basic biological functions. During development, the Umwelt undergoes a rapid expansion in the sensory and motor stimuli it processes. We argue that play is a process that converts surplus resources into information. By increasing the information content of the developing Umwelt, play confers fitness benefits. To demonstrate that play could evolve based on its information benefits, we present a model and simulation results of the evolution of a social play learning process that provides fitness-enhancing information in adult cooperative and competitive situations. Finally, we discuss this information-theoretic framework in relation to proposed hypotheses and fitness benefits of play.