The authors examine the determinants of the effective implementation of game-based learning (GBL) for experiential learning. They focus on the successful GBL initiative called Management Game (MG) and adopt the theory-driven deductive thematic analysis approach of Boyatzis along with the Matsuo model as theoretical rationale. Overall, the findings show that MG is an effective GBL that addresses the five seminal factors of the Matsuo model. Further, the study sheds light on the optimal structure of the successful GBL that allows learners to effectively acquire knowledge and skills. Several implications of the study are discussed in the conclusion together with the limitations of the study.