Despite a history of more than 50 years of applying simulation games in education, there is no conclusive proof that games promote achieving cognitive learning outcomes. This chapter focuses on the challenge of evaluating game-based learning. It argues that linking game-based learning with the characteristics of a specific game or game-produced engagement is challenging. It further proposes a framework in which the game-based learning process is approached by considering (business) simulation games as computer-supported collaborative learning (CSCL) environments and presents an approach on how learning can be approached and evaluated from this perspective. In addition, it highlights how simulation game mechanics appears to be a potential way to promote learners’ socio-emotional processes and give rise to social interaction and to structure collaboration among the learners in the game context. The proposed framework of this chapter takes into account both, cognitive and socio-emotional perspectives of learning. The results of the chapter will present a contemporary view on the roles of sociability, collaboration and engagement in game-based learning.