[PPT] - 2020 interim results 13 August 2020 Disclaimer NOT FOR PUBLICATION PowerPoint Presentation

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2020 interim results

13 August 2020

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Disclaimer

NOT FOR PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. This presentation has been prepared by GVC Holdings PLC (“GVC”) and comprises the written materials/slides for a presentation concerning

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agenda

INTRODUCTION

Barry Gibson

FINANCIAL REVIEW

Rob Wood

STRATEGIC PRIORITIES

Shay Segev

Q&A

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INTRODUCTION

Group is in a strong position following an encouraging first half of the year
New leadership
Underpinned by a strong team
Legacy issues to be resolved
Delivering best in class corporate governance
New Group well placed for strong growth

SLIDE 5

Financial review

Rob Wood – Chief Financial Officer

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Group NGR -11% (-10% cc)
Online NGR +19% (+21% cc)
UK Retail NGR -53% (-50% LFL5)
European NGR -48% (-47% cc)
Group underlying EBITDA £349m, -5% YoY
Online EBITDA £369m, +53% YoY
Trading to 15 March pre COVID-19
Online NGR +20% (+23% cc)
UK Retail -9% (-5% LFL5)
European Retail +20% (+24% cc)
Net debt at 30 June 2020 £2,164.9m down £5m vs

y/e, £137m lower excl. FX

Net debt / EBITDA 2.9x (2.7x excl. FX headwind on

debt retranslation)

Adjusted diluted EPS 28.7p, -8% YoY

Financials: Group Income Statement

Six months ended 30 June 2020 £m Pre IFRS 16 2020 £m 2019 £m Change1 % Constant Currency2 % Net gaming revenue 1,616.7 1,616.7 1,810.6 (11%) (10%) Revenue 1,582.5 1,582.5 1,782.1 (11%) (10%) Gross profit 1,031.7 1,031.7 1,184.1 (13%) Contribution 782.2 782.2 924.9 (15%) Underlying EBITDAR3 359.0 359.0 376.8 (5%) Underlying EBITDA3 348.6 309.4 366.8 (5%) Operating Profit3 223.9 213.0 260.3 (14%) (1) Percentage change between 2020 and 2019 post IFRS 16 (2) Growth on a constant currency basis is calculated by translating both 2020 and 2019 at the 2020 exchange rates (3) Stated pre separately disclosed items (4) Continuing EPS adjusted for the impact of separately disclosed items, FX movements on financial indebtedness and gains/loss on derivative financial instruments (5) UK Retail numbers are quoted on a LFL basis. During H1 2020 there was an average of 3,079 shops in the estate, compared to an average of 3,432 in the same period last year. Robust financial performance during a turbulent first half Memo 2020 2019 No of shares (m) 582.8 581.9 Diluted EPS (1.0) (0.6)

Adj. diluted EPS4

28.7 31.3 Dividend/share (p)

17.6

Pre IFRS 16 Net debt (£m) (1,836.8) (1,929.3) Net debt/EBITDA 2.76x 2.65x Post IFRS 16 Net debt (£m) (2,164.9) (2,279.6) Net debt/EBITDA 2.91x 2.79x

SLIDE 7 7 £366.8m £358.0m £348.6m (£103.7m) (£27.2m) (£8.8m) £136.1m (£13.8m) (£0.8m) FY19 EBITDA UK RGD FY19 EBITDA Rebased Online UK Retail European Retail Other Corporate FY20 EBITDA

Financials: Underlying EBITDA Bridge

Strong operational momentum pre COVID-19 but Retail closures impacting H1 EBITDA performance

Underlying EBITDA excluding regulatory adjustments and the annualisation of the Triennial Review impact +7% despite COVID-19
Online EBITDA growth excluding regulatory impacts +59%, a result of the Group’s diversified business model

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NGR +19% (+21% cc)
UK +22%, Germany +14% cc, Australia +43% cc, Italy +29% cc,

Crystalbet +39% cc, partypoker +60% cc

Sports margin +2.0pp mainly due to favourable results and product mix
Contribution margin 42.9%, +3.3pp vs 2019
Suspension of sports drove lower marketing spend in Q2 (H1:

19.7%)

Lower GP margin as early synergy delivery offset by COVID-19

impact on geographic and product mix and increasing regulated mix

Full year contribution margin expected to be in line with original

guidance (40-41%)

Operating costs 4% lower
On track for original guidance of low single digit deflation due to

synergies

Underlying EBITDA +53% post IFRS 16
Operating leverage of 64%, inflated due to GGR margin and low

marketing rate

Additional H2 marketing investment expected to reduce full year
perating leverage to early 40%’s, in line with original guidance

Online

(1) Percentage change between 2020 vs 2019 on a post IFRS 16 basis (2) Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2020 exchange rates (3) Stated pre separately disclosed items Continued market share gains with double digit NGR growth across all major territories supported by strong sports margins Six months ended 30 June 2020 £m Pre IFRS 16 2020 £m 2019 £m Change1 % CC2 % Sports wagers 4,697.2 4,697.2 5,542.7 (15%) (13%) Sports margin 12.8% 12.8% 10.8% 2.0pp 2.0pp Sports NGR 484.5 484.5 462.3 5% 8% Gaming NGR 752.6 752.6 574.6 31% 32% B2B NGR 8.0 8.0 8.6 (7%) (8%) NGR 1,245.1 1,245.1 1,045.5 19% 21% VAT/GST (34.2) (34.2) (28.5) (20%) (23%) Revenue 1,210.9 1,210.9 1,017.0 19% 21% Gross profit 779.6 779.6 664.3 17% Contribution 533.9 533.9 413.8 29% Contribution margin 42.9% 42.9% 39.6% 3.3pp Operating costs (164.4) (164.4) (172.0) 4% Underlying EBITDAR3 369.5 369.5 241.8 53% Rent and associated costs (0.9) (8.4) (0.5) (80%) Underlying EBITDA3 368.6 361.1 241.3 53% Share based payments (1.3) (1.3) (2.2) 41% Underlying depreciation and amortisation (55.7) (48.5) (53.9) (3%) Share of JV income

0.3

(100%) Operating profit3 311.6 311.3 185.5 68%

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OTC wagers -54% (LFL3 -52%)
Half year results heavily impact by shop closures on 21 March
All shops now open with all English shops opening on 15 June (Wales,

Scotland and NI followed in line with local regulations)

Strong performance up to 15 March of +9% LFL3,4 benefiting from displaced

B2 revenue and competitor closures

LFL3 SSBT wagers 43% ahead YoY pre-COVID-194 and density 30%5 higher
OTC margin 20.0% (+2.5pp)
Strong horse racing and football results
Machines NGR -57% (LFL3 -55%)
Improved trend up to 15 March of -28% LFL3 (PY Q4 -31%, Q3 -36%, Q2 -39%)
Triennial impact now fully annualised
Total Retail NGR -53%
Only -5% YoY pre-COVID-194 despite triennial albeit benefiting from strong

margins

Recent trends suggest footfall impact is currently down c.10-15%
Operating costs 38% lower
Mitigating actions in response to COVID-19 and tight underlying cost control
Underlying EBITDA -93% post IFRS 16

UK Retail

UK Retail heavily impacted by temporary closures, however encouraging early response post reopening (1) Percentage change between 2020 vs 2019 on a post IFRS 16 basis (2) Stated pre separately disclosed items (3) UK Retail numbers are quoted on a LFL basis. During H1 2020 there was an average of 3,079 shops in the estate, compared to an average of 3,432 in the same period last year (4) Pre-COVID-19 period from 1 January to 15 March (5) As at 30 June 2020 Six months ended 30 June 2020 £m Pre IFRS 16 2020 £m 2019 £m Change1 % OTC wagers 724.8 724.8 1,591.6 (54%) OTC margin 20.0% 20.0% 17.5% 2.5pp OTC NGR / Revenue 144.4 144.4 275.0 (47%) Machines NGR / Revenue 133.5 133.5 311.8 (57%) Total NGR / Revenue 277.9 277.9 586.8 (53%) Gross profit 203.8 203.8 421.9 (52%) Contribution 202.1 202.1 419.0 (52%) Contribution margin 72.7% 72.7% 71.4% 1.3pp Operating costs (184.9) (184.9) (298.1) 38% Underlying EBITDAR2 17.2 17.2 120.9 (86%) Rent and associated costs (8.9) (36.4) (8.9)

Underlying EBITDA2

8.3 (19.2) 112.0 (93%) Share based payments (0.3) (0.3) (0.6) 50% Underlying depreciation and amortisation (40.1) (22.8) (31.8) (26%) Share of JV income

Operating profit2

(32.1) (42.3) 79.6 (140%) No of shops at 30 June 2020: 3,006 (2019: 3,274)

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NGR -48% (-47% cc)
Half year results heavily impacted by COVID-19 related closures
Strong, margin assisted, pre-COVID-19 up to 15 March, NGR +20%

(+24% cc)

Recent trends suggest footfall impact is currently down 15%-20%
Shop estate has now almost entirely reopened
Contribution margin -3.2pp
Decreased due to territory mix
Operating costs 23% lower
Cost mitigation actions in response to COVID-19
Underlying EBITDA £7.2m

European retail

(1) Percentage change between 2020 vs 2019 on a post IFRS 16 basis (2) Growth on a constant currency basis is calculated by translating both current and prior year performance at the 2020 exchange rates (3) Stated pre separately disclosed items European Retail impacted by temporary shop closures following an excellent Q1 (NGR +24% cc to 15 March) Six months ended 30 June 2020 £m Pre IFRS 16 2020 £m 2019 £m Change1 % CC2 % OTC wagers 379.8 379.8 832.4 (54%) (54%) OTC margin 19.7% 19.7% 17.3% 2.4pp 2.4pp Sports NGR / Revenue 59.1 59.1 107.1 (45%) (44%) Other OTC NGR / Revenue 15.5 15.5 35.9 (57%) (56%) Machines NGR / Revenue 0.9 0.9 1.1 (18%) (7%) Total NGR / Revenue 75.5 75.5 144.1 (48%) (47%) Gross profit 34.8 34.8 72.6 (52%) Contribution 33.6 33.6 68.7 (51%) Contribution margin 44.5% 44.5% 47.7% (3.2pp) Operating costs (26.1) (26.1) (33.8) 23% Underlying EBITDAR3 7.5 7.5 34.9 (79%) Rent and associated costs (0.3) (4.5) (0.5) 40% Underlying EBITDA3 7.2 3.0 34.4 (79%) Share based payments (0.1) (0.1) (0.2) 50% Underlying depreciation and amortisation (14.6) (11.0) (13.4) (9%) Share of JV income

0.7

(100%) Operating profit3 (7.5) (8.1) 21.5 (135%) Estate at 30 June 2020: Eurobet Italy 890 (2019: 852); Ladbrokes Belgium 309 shops, 400 outlets (2019: 316 shops, 374 outlets); Ladbrokes ROI 138 (2019: 139)

SLIDE 11 11 Post IFRS 16 Pre IFRS 16 Six months ended 30 June 2020 £m 2019 £m Change % 2020 £m 2019 £ Change % Underlying EBITDAR 359.0 376.8 (5%) 359.0 376.8 (5%) Rent and associated costs (10.4) (10.0) (4%) (49.6) (53.4) 7% Underlying EBITDA 348.6 366.8 (5%) 309.4 323.4 (4%) Share based payments (4.0) (5.5) 27% (4.0) (5.5) 27% Underlying depreciation and amortisation (112.1) (99.9) (12%) (83.8) (74.9) (12%) Share of JV (loss)/income (8.6) (1.1) (682%) (8.6) (1.1) (682%) Operating profit 223.9 260.3 (14%) 213.0 241.9 (12%) Finance costs (36.6) (45.7) 20% Foreign exchange (131.9) (2.5) (5,176%) Profit before tax pre separately disclosed items 55.4 212.1 (74%) Separately disclosed items: Amortisation of acquired intangibles (158.5) (184.3) 14% Impairment loss (19.3)

Other

147.2 (40.1) 468% Profit/(loss) before tax 24.8 (12.3) 302% Tax (22.7) 14.4 (258%) Profit after tax 2.1 2.1

Financials: statutory Income Statement

Reported profit after tax of £2m; profit before FX, tax and separately disclosed items of £187m

Underlying depreciation and amortisation £112.1m
Increase (12%) due to ongoing investment and in-house SSBTs
Share of JV loss £8.6m
Driven by share of BetMGM loss (-£8.8m)
Finance cost £36.6m (£9.1m lower)
Benefits of re-financings in 2019 and early 2020
Reduced issue cost amortisation
Foreign exchange loss £132m
Group operates a commercial hedge on trading/interest cashflows

and the retranslation of assets/liabilities

£132m loss on retranslation of debt in H1 recognised in the P&L
£170m gain on retranslation of overseas assets in H1 recognised in

Equity

Separately disclosed items
Amortisation of acquired intangibles £158.5m, primarily on

Ladbrokes Coral acquisition

Impairment of financial services business £19.3m
Other £147.2m (see following slide)
Tax £23m charge
Includes £13m tax charge on separately disclosed items
Underlying H1 ETR 18% post FX
Full year underlying ETR excluding FX expected to be 13%, in line with

guidance

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Financials: Other separately disclosed items

Profit & Loss Cashflow Six months ended 30 June 2020 £m 2019 £m 2020 £m Tax litigation/one-off legislative impacts 211.6

(26.7)

Integration costs (19.6) (20.0) (13.6) Corporate transaction costs (1.6) (2.5) (1.6) Triennial restructuring costs (4.7) (2.9) (4.7) Legal and onerous contract costs (11.9) (9.0) (10.6) Movement in fair value of contingent consideration (23.3) (5.6) (1.9) Other including issue cost write-off (7.3) (0.4) (1.5) Profit on sale of assets 4.0 0.3

Subtotal

(64.4) (40.1) (33.9) Total 147.2 (40.1) (60.6) UK VAT receivable of £200m post corporation tax recognised following court ruling but £61m of one-off cash outflow in H1 in line with guidance

Tax litigation £212m income
P&L represents UK VAT receivable of £213m, £200m net of

corporation tax

£27m cash outflow on Greek tax, in line with guidance
Integration costs £(20)m
Includes capex of £4m
Legal and onerous contract provisions £(12)m
Includes property related closure costs following triennial review

(£6m) and other one-off legal costs (£6m)

Movement in fair value of contingency consideration £(23)m
Increase follows significant outperformance from Crystalbet and

partypoker in H1 2020

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Financials: Cashflow

Strong free cashflow generation of £172m despite the impact of COVID-19 Six months ended 30 June 2020 £m 2019 £m Underlying EBITDA 348.6 366.8 Underlying working capital 8.9 (15.4) Capital expenditure (70.0) (77.6) Investments in US (23.3)

Finance lease (incl IFRS 16)

(42.1) (39.3) Interest paid (incl IFRS 16) (44.5) (45.4) Corporate taxes (6.0) (12.9) Free cashflow 171.6 176.2 Separately disclosed items (60.6) (100.7) Net movement on debt & cost of debt issuance (26.7) 4.0 Equity issue 3.5

Dividends paid

(7.3) (97.6) Net cashflow / (outflow) 80.5 (18.1) Foreign exchange (1.2) (6.5) Net cash generated / (outflow) 79.3 (24.6)

Underlying working capital £9m inflow
Capital expenditure £70m outflow as a result of phasing while shops

closed

Investments in US £23m ($30m) outflow following second tranche of

investment

Finance lease £42m outflow
Lease costs on operational (£38m) and non-operational (£4m) leases

following the adoption of IFRS 16 and the payments against SSBTs in UK Retail

Interest paid £45m outflow
Savings from refinancing not evident in H1 cashflow due to timing of

interest payments

Corporate tax payments £6m outflow
Net movement on debt & cost of debt issuance £27m outflow
Principally the repayment of the £35m drawn down on the RCF at the

year end. (RCF undrawn as at 30 June 2020)

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Net debt post IFRS £2,165m or 2.9x
Net debt pre IFRS 16 £1,837m or 2.8x
Excluding £132m FX loss, leverage ratio of 2.7x despite COVID-19 (2.6x

pre IFRS 16)

Total accessible cash1 £347m, up from £260m at 31 December 2019
Next material refinancing not until 2023
Interest cost c3.5% of gross debt excluding IFRS 16 leases

Financials: net debt

Net debt 2.9x (2.8x pre IFRS 16) despite impact of COVID-19 and £132m of FX losses on debt translation Six months ended 30 June Par Value £m Issue costs/ Premium £m Total £m Bonds (500.0) (21.4) (521.4) Term loans / RCF (1,667.5) 9.4 (1,658.1) Interest accrual (19.5)

(19.5)

Gross cash debt (2,187.0) (12.0) (2,199.0) Cash 469.4 Subtotal (1,729.6) Cash held on behalf of customers (376.2) Fair value of swaps held against debt instruments 28.0 Short term investments / deposits held 144.1 Balance held with PSP 110.0 Finance lease debt (13.1) Adjusted net debt pre IFRS 16 (1,836.8) Finance lease liabilities IFRS 16 (328.1) Adjusted net debt post IFRS 16 (2,164.9) Proforma underlying EBITDA post IFRS 16 742.9 Leverage ratio post IFRS 16 2.91x (1) Accessible cash reflects cash plus deposits held plus PSP balances less cash held on behalf of customers

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Regulatory update

Germany, Brazil and The Netherlands heading towards full regulation

Full regulation of betting and gaming expected mid 2021 with restrictions
Subject to regulatory discretion, key restrictions can be relaxed on grounds of customer affordability
A tolerance policy has been proposed with respect to Gaming, although the details have not yet been confirmed
Sports-betting licence process underway
Significant uncertainty remains around timing
Current proposals include restrictions that can be relaxed by the regulator in individual licences
Continue to focus on customers and investing in the bwin brand

Germany

The government has committed to reviewing the 2005 Gambling Act
Awaiting response from Government to House of Lords Report
Review process expected to commence Q4 2020

UK

Brazilian sports betting regulation is now not expected until 2021, with licences being potentially granted in 2022
Individual licensing and other requirements are yet to be defined

Brazil

Online gambling regulation will enter into force on 1 March 2021 with market opening on 1 September 2021
We expect to be licensed by early 2022
In the meantime under the Dutch tolerance policy GVC is allowed to continue its non-targeted offer to the market

The Netherlands

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Full year EBITDA expected to be in range of £720m-£740m, subject to no further material disruptions to the Group
Benefit from c£20m of accelerated synergies from 2021, offset by COVID-19 related impacts on non-core businesses
Net debt expected to decline YoY, helped by UK VAT refund, leaving leverage ratio broadly unchanged from the prior year
Previous guidance for Online and Cashflow items broadly unchanged – see below
UK Retail estate continuously reviewed in line with BAU
Expected BetMGM equity injection increased to $50m - $60m and expected loss for 2020 of c£40m, reflecting increased investment in

marketing in H2

Reinstatement of dividend payments to be considered with future results

2020 guidance

Cashflow

Capex c£160m with an additional c£10m for one-off license costs
One-offs:
Greek tax, final instalment of 2010/11 Assessment £7m and anticipated

settlement of 2015-2017 amounts £52m (resulting in a c£133m receivable)

Integration £45m
Shop closure and other one off cost £20m-£35m
Interest costs c3.5% of gross debt (excluding IFRS 16 interest)
Tax rate c13% (excl. FX), cash tax c£65m

Online

Online NGR double digit growth
Online contribution margin 40%-41%
Marketing rate 22%-23%
Online operating costs low single digit deflation

(including synergies)

Operating leverage early 40s%

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Strategic priorities

Shay Segev – Chief Executive Officer

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Key priorities leveraged off Industry leading platform

Driven by our Competitive advantages

Proprietary technology
Operational excellence
Leading digital marketing skills
Customer centric approach
Exciting diversified product suite
Omni-channel operations
Expertise of our people
Capital discipline

Delivering benefits for stakeholders Key strategic priorities

Market leadership in US Lead on responsibility

BUILT ON A STRONG TRACK RECORD OF DELIVERY

Organic market growth New market expansion Customers Shareholders Colleagues Communities

SLIDE 19 19

Marketing Product development New Market Entry Innovation Speed & Control Conversion Voice of the customer Personalisation

The technology edge driving growth opportunities

protection resilience

DELIVERING AN INDUSTRY LEADING CUSTOMER EXPERIENCE

Technology

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US Update

Shay Segev – Chief Executive Officer

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Significant opportunity in the growing US market

38 States 224.3m adults

Spend per adult ~$60 Expected market size ~$13.5bn

$20.3bn

Sports ~$13.5bn iGaming ~$6.8bn

15% - 20% BETMGM’S EXPECTED MARKET SHARE

SPORTS MARKET ASSUMPTIONS

13 States 61.6m adults

Spend per adult ~$110 Expected market size ~$6.8bn IGAMING MARKET ASSUMPTIONS Note: Market sizes based on expected GGR in the states currently expected to have legislated for sports and/or igaming by 2025

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BetMGM - Driving momentum through key strategic pillars

Technology & product

Proprietary GVC retail and online platform, including

advanced trading, marketing, CRM and BI tools

Flexibility to respond to different conditions
Available to BetMGM at lower cost vs competitors

Player access & retention

KEY STRATEGIC ENABLERS CURRENT STATUS

Global GVC platform deployed in all active online states
Significantly localised for the U.S. market
Leading gaming product - proprietary content in gaming supporting NJ

performance

Single app launch due shortly
Integration with M life Rewards – phase 1 milestone delivered
Integration with Yahoo! ready for sports return
Omni-channel campaigns launched to drive customer
Acquisition at a lower cost
Further affiliations under consideration
Prime MGM assets in key states
Additional access secured via other partners
Proprietary platform enables entering markets

through B2C and B2B partnerships

Available to BetMGM at lower cost vs competitors
B2C access to 20 markets secured to date
Currently operational in 7 markets
11 markets to be operational by end of 2020
Ongoing access discussions in further states

Brands & marketing

All live states offering BetMGM as the lead sports brand
MGM’s retail sportsbooks now also rebranded to BetMGM
More work to do to position BetMGM as a sports brand
Partypoker to re-launch as a national U.S. poker brand

Market access

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Our capabilities outstrip the competition

Broad, direct market access In-house technology and product development Strong entertainment, sports and gaming brands Omni-channel customer acqn and marketing strategy Large and established rewards program Broad media and league partnerships Fantasy sports platform Pure-play U.S. sports betting and online casino Dual sports betting and iGaming focus

BETMGM’S STRATEGIC “FOUR KEY PILLARS” ADDITIONAL KEY ENABLERS

Source: GVC, BetMGM & Goldman Sachs

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BetMGM is live in 7 states with further launches by mid-2021

WA OR CA MT ID NV AZ UT WY CO NM TX OK KS NE SD ND MN IA MO AR LA MS AL GA FL SC TN NC IL WI MI OH IN KY WV VA PA NY ME VT NH NJ DE MD D.C. MA CT RI Market Retail Sports Online Sports iGaming NJ

  

MS

  

WV



H2-20 NV

  

IN

 

MI



H2-20 H2-20 CO On hold

 

NM H2-20

 

PA H2-20 OR H2-20

 

TN



H2-20



IA H1-21



VA



H1-21



Legend:  Live  Launching  Unregulated Note: Current BetMGM estimates on launch periods

SLIDE 25 25

underpinned by proprietary, dynamic technology platform

GVC’s proprietary digital platform Peers heavily reliant on third party tech Transition to SBTech no earlier than fall 2021 Significant cost advantage vs competitors with

utsourced tech

Customised and localised by dedicated team Data enabled customer retention Tech driven customer acquisition expertise Proven execution through decades

f international experience

Marketing technology CRM & data analytics Scalable and rich customer experience BetMGM’s Integrated Tech Stack User experience Built for the US

SLIDE 26 26

Demonstrating leadership in iGaming in New Jersey

2

4 6 8 10 12 14 16 18 BetMGM NJ iGaming GGR in $m

Leading market share of iGaming in New Jersey – July data will

be impacted by $3.3m jackpot win

BetMGM brand is the fastest growing brand in this market
Opportunity to cross-sell to sports customers
Confident of replicating this performance in other states where

iGaming is permitted NJ iGaming GGR market share1 iGaming GGR Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 BetMGM 17.6% 14.1% 17.8% 18.9% 18.4% 18.9% Betfair 19.6% 19.4% 18.3% 17.3% 16.6% 16.6% DraftKings 14.3% 15.8% 13.8% 12.1% 12.9% 12.8% Golden Nugget 12.3% 12.2% 11.5% 10.7% 10.7% 11.2% Caesars 6.7% 7.6% 9.0% 9.6% 9.6% 9.1% Sugarhouse 6.2% 6.1% 5.8% 6.2% 6.3% 6.2% Hard Rock 4.2% 5.2% 4.3% 5.0% 5.7% 6.1% Tropicana 5.9% 5.5% 6.0% 5.6% 5.8% 5.3% Resorts 4.3% 4.8% 4.2% 4.2% 4.5% 4.5% (1) Based on DGE data

SLIDE 27 27

User acquisition advantage driven by brands, partnerships and customer database

34m+

Customer database – forecast c.5- 10% of customers acquired via M life

13

Locations

>2x

Omni vs single-channel customer value Omni-channel brand experience Customer rewards and database Media and entertainment Sports affiliations and direct marketing

60m+

Monthly users

1,200+

Locations

9m+

DFS customers Cost of customers acquired via partners Cost of customers acquired directly Expected long term blended CPA Giving BetMGM unique advantages

>2x

Expected higher value

$0 - $150 $200 - $550 $250

Lower acquisition cost Higher Retention Higher customer value

Note: GVC & BetMGM estimates

SLIDE 28 28

Multi-channel marketing campaign

1. Brand aligned with MGMs leadership position 2. Advertising – Significant uplift of brand marketing and visibility 3. On property branding in and on MGM assets 4. Deliver “Only BetMGM Can Provide” unique experiences 1. Increase marketing spend to match pace of expansion and market focus 2. Continue data-driven spend

ptimisation

3. Leverage brands and partnerships eg Yahoo! 4. Leverage strength in gaming and cross sell 1. Integrate M life Loyalty programme to provide unique benefits to customers 2. Engagement with MGM VIP customers 3. Engage with MGM on-site guests ‘from check-in to check-out’ 4. Significant expansion of MGM Resorts direct marketing (digital & offline) 1. Fully optimise tailored digital experience using GVC Tools 2. Expanded VIP team and capabilities 3. Increase proprietary gaming content and enhance sports

ffering

4. Voice of customer established

BETMGM BRAND OMNI-CHANNEL MARKETING SPREAD – NEW AMBITION Differentiated Customer Engagement

SLIDE 29 29

Significant branding campaign

SLIDE 30 30

Rebranding the luxor

SLIDE 31 31

Organic and new market growth

Shay Segev – Chief Executive Officer

SLIDE 32 32

Inbuilt growth opportunities

Vast majority of Online revenues are generated in fast growing, regulated and regulating markets, with long runways for future growth …that are either regulated or regulating

94%

…where the

nline market is

growing >5% pa

80%

…where GVC is growing >10% pa

93%

…if taxed, then are taxed1 at 15%

r more

98%

…with online penetration currently less than 20% (ex UK)

81%

Source: H2GC

1. Sports betting and gaming duty or equivalents

% of GVC FY19 Online NGR in countries…

SLIDE 33 33

New market opportunities

1. Source: H2GC 2019 Global Online GGR
GVC operations currently represent 6%1 of the global online betting

and gaming market

There are over 50 regulated markets in which we are currently not
active. These have:
An aggregate population of over 1.3bn
Combined GDP of over $6trn
Potential gaming market GGR of around $45bn
Largely undeveloped from a competitive perspective

The opportunity

Unrivalled sector experience of M&A
Successful platform integrations
Customers migration without incidence
Proven ability to accelerate growth and grow market share
Proprietary technology
Global brand recognition with bwin and partypoker
Best-in-class marketing capabilities

Central/Eastern Europe

POPULATION: c.160m GDP: c.€1.8trn POTENTIAL GGR: >$10bn

CEE

AFRICA

POPULATION: c.850m GDP: c.€1.6trn POTENTIAL GGR: >$10bn

AFRICA

LATIN AMERICA

POPULATION: c.300m GDP: c.$2.7trn POTENTIAL GGR: >$25bn

LATAM

Standout m&A capabilities

SLIDE 34 34

responsibility

Shay Segev – Chief Executive Officer

SLIDE 35 35

Our safer gambling strategy

GUIDING PRINCIPLES

To be the most trusted and enjoyable betting operator in the world ONGOING DEVELOPMENT OF MONITORING TOOLS UNDERSTAND THE PROBLEM AND BEST SOLUTIONS PROMOTE RESPONSIBLE ATTITUDES EMPOWER CUSTOMERS CHAMPION RESPONSIBLE PRODUCT DESIGN EDUCATE OUR KEY STAKEHOLDERS FUND TREATMENT FOR THOSE IN NEED DRIVE CULTURAL CHANGE WITHIN OUR BUSINESS

SLIDE 36 36

Doing what’s right for customers

We added two new markers to our behavioural algorithm – comparing a

customer’s activity pre and post lockdown

We also replaced our TV adverts with dedicated safer gambling ads
We significantly increased our Responsible Gambling (RG) team to be more proactive

with customers

Technology enables us to help customers manage their activity:
9 out of 10 new customers in 2019 used RG tools
Helped double the number of customers using RG tools between 2018 and 2019

“

Despite the adverse impact from lockdown on revenues, our belief is that we should always act in the interest of the customer and we therefore took a number of steps to enhance our customer safety net during COVID-19

RESPONSIBILITY = SUSTAINABILITY

“There is no evidence to suggest an increase in problem gambling”

UK Gambling Commission quote 12 May 2020

SLIDE 37 37

Summary

Encouraging first half performance
Momentum in the business as sports return
Well positioned for market leadership in the US
Significant growth opportunities both organic and through M&A
Robust governance in place
Clear focus on industry leading responsibility
Proprietary tech platform enabling great customer experience and growth
Best people in the industry
Driving value for all stakeholders

SLIDE 38 38

Q&A

SLIDE 39 39

Appendix

SLIDE 40 40

Product diversification

Revenues are well diversified by product, with football revenues spread over multiple leagues Group Online NGR Product Splits (2019)  Casino & Games 46%  Poker 4%  Bingo 3%  Other 2%  Football 20%  Horse Racing 10%  Tennis 5%  Other Sports 10% Gaming

55%

Sports

45%

Football by League  Premier League 8%  UEFA Champions League 5%  Italian Serie A 5%  Spanish La Liga 5%  Friendlies (Domestic & International) 4%  German Bundesliga 4%  Europa League 3%  Euro 2020 3% Remainder includes other leagues each <3%

SLIDE 41 41

Market leading consumer focused brand portfolio

Country Online: Sports offering Online: Games offering UK * Germany Australia n/a Italy * Belgium * Ireland * Georgia Brazil Worldwide * Multi-channel offering (Note: In Italy multi-channel offering for Eurobet brand only, In Belgium multi-channel offering for Ladbrokes brand only) Well-established global and regional brands increase marketing efficiency and create barriers to entry

SLIDE 42 42

Leading Technology for the us from GVC’s platform

B2B Operators With In-house Technology Betting-led B2B Suppliers Multi-product B2B Suppliers Models & Algorithms ✓ ✓ ✓ ✓ ✓ ✓ ✓ Bet Engine ✓ ✓ ✓ ✓ ✓ ✓ ✓ Trading & Risk Management Tools ✓ ✓ ✓ × × × × Trading Services ✓ ✓ ✓ × × ✓ ✓ Risk & Liability Strategy ✓ ✓ ✓ ✓ × × × Turnkey Sportsbook ✓ ✓ ✓ × × × × APIs ✓ ✓ ✓ ✓ ✓ ✓ ✓ Casino Management & Loyalty Integration ✓ × × ✓ ✓ × × Platform ✓ ✓ × ✓ ✓ ✓ ✓ Marketing & Bonusing Tools ✓ ✓ ✓ ✓ ✓ ✓ ✓ Casino Integrations ✓ ✓ × ✓ ✓ × ✓ Slot Provider ✓ × × ✓ ✓ × ✓ Poker Network ✓ × × × × × ✓ Managed Services ✓ ✓ ✓ × × ✓ ✓ Retail Sportsbook ✓ ✓ ✓ ✓ ✓ ✓ ✓ Omni-Channel Journeys ✓ × × ✓ × × ✓ Powerful proprietary technology gives us a unique and sustainable competitive advantage

SLIDE 43 43

BetMGM market access providing path to market leadership

Active Imminent VA market access assumed for all operators ⁱNeed legislative change for access ⁱⁱiGaming access only Count of AR CO DC DE IN IA IL MI MS MT NV NJ NM NY OR PA RI WV NH NC TN VA WA OH MD MA Key Markets ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ⁱ ✓ ✓ⁱⁱ ✓ ✓ ✓ ✓ ✓ ✓ 17 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 16 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 15 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 15 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 15 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 14 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 14 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ⁱ ✓ ✓ ✓ ✓ ✓ 13 ✓ ✓ ✓ ✓ ✓ ✓ ✓ⁱ ✓ ✓ ✓ ✓ 11 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 10 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 10 ✓ ✓ ✓ ✓ ✓ ✓ ✓ 7 ✓ ✓ ✓ ✓ ✓ ✓ 6 ✓ ✓ ✓ ✓ ✓ 5 ✓ ✓ ✓ ✓ 4 Live Markets (19) Legal Markets (4) Legalizing (3)