Motivation is crucial for successful learning. Based on the Expectancy-Value Theory, this study investigated whether gamification enhances specific motivational constructs, particularly utility value, and how these relate to cognitive learning outcomes. We hypothesized that a gamified associative learning task would increase motivational aspects compared to a non-gamified version, and that higher motivation would predict better learning outcomes in adult learners. Contrary to our hypothesis, no significant group mean differences in motivation emerged. However, regression analyses revealed that self-concept and subcomponents of utility value significantly predicted cognitive learning outcomes. The minimal gamification elements and limited real-world relevance of the highly controlled learning task may partly explain the lack of motivational effects. We suggest future research explore gamification designs with stronger narrative connections, emphasizing real-life relevance or enhanced narrative transportation, and use more nuanced, context-sensitive measures of utility value to capture present-oriented utility.