Gamification is presented in the literature as a pedagogical innovation that may increase student engagement and enhance learning. This study explores students' perceptions of a gamified learning intervention deployed in a large undergraduate module and a small postgraduate module. Given the dearth of previous empirical work, an exploratory approach was used. Focus groups were carried out to develop a nuanced understanding of the students' perceptions of a gamified learning environment. Six themes emerged: impact on learning outcomes, motivation, the importance of the stakes, group dynamics, gender and the challenges gamified learning activities present. The paper contributes by evaluating students' perceptions of the effectiveness of gamification, providing guidelines for other practitioners deploying gamified learning interventions and identifying outstanding issues and questions that require further research.