Educational games may offer a viable strategy for developing students' problem-solving skills. However, the state of art of educational game research does not provide an account for that. Thus, the aim of this research is to develop an empirically allocated model about problem-based gaming that can be utilised to design pedagogically meaningful games. The proposed model was evaluated through a business simulation game. The interviews indicated that authenticity, collaboration and learning by doing were found to be the most important characteristics of effective educational games. Results also showed that the proposed model describes well the problem-based gaming process in which the reflection phase seems to be a vital factor. The outcome of the reflection phase may be personal synthesis of knowledge, validation of hypothesis laid or a new playing strategy to be tested. However, because of the small sample size of this study, more research on the topic is recommended. Especially, ways to support reflection in games needs to be studied.