The successful move to a new generation of technologies that provide students with personalised e-learning environments is connected to their ability to facilitate flow experiences -- through which e-learners feel fully engaged in the educational activities at hand. However, little is known about the heterogeneous influence of subjective and education-related elements intervening in the formation of flow experiences and the moderating effects of gender and academic performance. This paper contributes to the existing literature by building an integrative model that captures the formation of flow in personalised e-learning environments. The results yielded by a study to test this model have largely confirmed that subjective and education-related constructs significantly predict flow and show the moderating impact of gender and academic performance.