This study furthers game-based learning for circular business model innovation (CBMI), the complex, dynamic process of designing business models according to the circular economy principles. The study explores how game-play in an educational setting affects learning progress on the level of business model elements and from the perspective of six learning categories. We experimented with two student groups using our game education package Re-Organise. All students first studied a reader and a game role description and then filled out a circular business model canvas and a learning reflection. The first group, i.e., the game group, updated the canvas and the reflection in an interactive tutorial after gameplay. The control group submitted their updated canvas and reflection directly after the interactive tutorial without playing the game. The results were analyzed using text-mining and qualitative methods such as word co-occurrence and sentiment polarity. The game group created richer business models (using more waste processing technologies) and reflections with stronger sentiments toward the learning experience. Our detailed study results (i.e., per business model element and learning category) enhance understanding of game-based learning for circular business model innovation while providing directions for improving serious games and accompanying educational packages.