Simulation modelling is one of the techniques used for decision support in a wide range of domains and cloud computing is beginning to make some impact on simulation modelling by enabling ubiquitous, convenient and on-demand access to a variety of computing services. The cloud-based modelling and simulation (CBMS) literature has focused on how to develop CBMS tools using existing technologies. While this technical aspect is important, understanding the business aspect of CBMS is instrumental for its adoption by users and for ensuring the sustainability of the broader CBMS service supply chain. This paper presents a review of the business models adopted by vendors that provide Web or mobile applications for simulation modelling. An analysis of the offerings of these vendors provides some insights into how cloud services can be provided and used as part of CBMS business models. The study is conducted by reviewing the websites of simulation vendors. This study fills a gap in the literature on the business aspect of CBMS by providing insights into CBMS business model patterns. It highlights the importance of developing innovative business models that can help generate new market opportunities and revenue streams along the CBMS service supply chain. It also stresses the role of contracting in addressing the reported challenges and risks underpinning the provision and use of CBMS services.