Educators have struggled to incorporate authentic team-based learning (TBL) into the business curriculum despite increasing evidence that collaborative learning can enhance learning outcomes. We investigate the use of online business simulations as a platform for fostering authentic TBL for undergraduate and postgraduate business students studying at seven institutions in Australia and Hong Kong. Quantitative analysis of 365 surveys is supported by focus groups with 14 students. Structural equation modeling (SEM) is used to model the relationships between teamwork, learning outcomes, and satisfaction. Qualitative results support the statistical modeling and are presented to add further insights and conceptual richness. The findings support our proposition that online business simulations provide an authentic TBL environment, which contributes to learner satisfaction by supporting the development of management-related learning outcomes through socially constructed meaning. This conceptual contribution highlights further avenues for research and leads to some practical implications for educators using simulation-based pedagogies.