Capital Markets Day 16 May 2019 Disclaimer NOT FOR PUBLICATION OR - - PowerPoint PPT Presentation

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Capital Markets Day 16 May 2019 Disclaimer NOT FOR PUBLICATION OR - - PowerPoint PPT Presentation

Capital Markets Day 16 May 2019 Disclaimer NOT FOR PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT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


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Capital Markets Day

16 May 2019

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NOT FOR PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT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”). This presentation includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "plans", "goal", "target", "aim", "may", "will", "would", "could" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and may be beyond GVC’s ability to control or predict, and future events and circumstances can cause results and developments to differ materially from those anticipated. Nothing in this presentation should be construed as a profit forecast. Forward-looking statements are not guarantees of future performance and hence may prove to be erroneous. Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation (596/2014), the Listing Rules, the Disclosure Guidance and Transparency Rules and the Prospectus Rules), GVC does not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or

  • therwise.

No representation or warranty (express or implied) of any nature is given nor is any responsibility or liability of any kind accepted by GVC or any of its directors, officers, employees, advisers, representatives or other agents, with respect to the truthfulness, completeness or accuracy of any information, projection, representation or warranty (express or implied), omissions, errors or misstatements in this presentation, or any other written

  • r oral statement provided. Nothing contained in this presentation is intended to constitute an invitation or inducement to engage in investment

activity for the purposes of the prohibition on financial promotions in section 21 of the UK Financial Services and Markets Act 2000. In making this presentation available, GVC makes no recommendation to buy, sell or otherwise deal in shares of GVC or in any other securities or investments whatsoever and you should neither rely nor act upon, directly or indirectly, any of the information contained in this presentation in respect of any such investment activity. Any recipients of this presentation outside the UK should inform themselves of and observe any applicable legal or regulatory requirements in their jurisdiction, and are treated as having represented that they are able to receive this presentation without contravention of any law or regulation in the jurisdiction in which they reside or conduct business. In particular, the securities referred to in this presentation have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered, sold or transferred within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act of

  • 1933. By accepting this presentation, you agree to be bound by the foregoing provisions, limitations and conditions.

2

Disclaimer

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3

Introduction

Kenneth Alexander Chief Executive

GVC Holdings PLC | Capital Markets Day | 16 May 2019

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Purpose of today:

Provide an understanding

  • f the unique GVC
  • perating model

Update on specific areas

  • f the business

Introduce a selection of key management

Schedule

4

GVC Holdings PLC | Capital Markets Day | 16 May 2019

Topic Presenter Time Introduction Kenneth Alexander (CEO) 13:30 – 13:45 Integration, Technology and Product Shay Segev (Co-COO) 13:45 – 14:05 GVC Brands Adam Lewis (CMO – GVC Brands) Stephan Heilmann (Head of bwin Germany) 14:05 – 14:30 UK Online and UK Retail Andy Hornby (Co-COO) 14:30 – 14:55 Break US Adam Greenblatt (CEO – US) Matt Prevost (CMO – US) 15:10 – 15:35 Regulation and Responsible Gambling Rob Hoskin (Group Director of Legal & Regulation) Grainne Hurst (Director of Responsible Gambling) 15:35 – 15:55 Australia Jason Scott (CEO – Australia) 15:55 – 16:15 Financials Rob Wood (CFO) 16:15 – 16:20 Wrap-up Kenneth Alexander (CEO) 16:20 – 16:25 Q&A 16:25 – 17:05 Drinks and Canapes

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5

Overview

  • A global online-led business of scale – operating in over 20 countries
  • Operating in high growth markets within a high growth sector
  • Highly effective operating model – proprietary technology, cutting-edge marketing,

local execution and entrepreneurial culture

  • Well placed for regulatory change
  • Committed to leading the industry on safer gambling
  • Very strong track record of delivery
  • Strong trading year-to-date
  • Better than expected TR impact (+£15m improvement in Group EBITDA from 2020
  • nwards) and synergy phasing acceleration (+£15m improvement in Group EBITDA

in 2020)

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A truly global operator in a high growth sector

6

1 FY18 Proforma 3 Excluding corporate costs 2 Based on FY18 Proforma figures adjusted for the fully mature Triennial Review impact 4 Other represents 0.4% of total EBITDA excluding corporate costs

2004 2009 2012/13 2016 2018

IPO of CasinoClub Acquisition of Betboo Acquisition of Sportingbet Acquisition of bwin.party Acquisition of Ladbrokes Coral and establishment

  • f 50/50 JV with MGM

The business now1: Largest online-led sports-betting and gaming business – a global operator

2018 Proforma Underlying EBITDA2,3,4

Online

(Worldwide)

UK Retail JV with MGM (from 2019) European Retail

  • NGR £1,915.1m
  • EBITDA £485.7m
  • Ex-UK NGR 64%
  • 19 well established B2C

sports and gaming brands

  • NGR £1,328.0m
  • EBITDA £251.7m
  • #1 operator in UK retail
  • Market leading multi-channel
  • ffering
  • NGR £278.8m
  • EBITDA £65.4m
  • Italy #3 retail with strong

multi-channel presence

  • Belgium #1 retail
  • Ireland #3 retail
  • Included in Online division

below EBITDA

72.9% 17.4% 9.3%

GVC Overview

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Highly effective operating model

VISION STRATEGIC IMPERATIVES GOALS KEY ENABLERS VALUES

TO BE THE WORLD’S LARGEST SPORTS-BETTING AND GAMING BUSINESS

SCALE GEOGRAPHIC DIVERSIFICATION

+

MARKET LEADING ORGANIC GROWTH M&A

+

TECH PRODUCT BRANDS MARKETING PEOPLE

+

A PASSION FOR DELIVERING SUPERIOR CUSTOMER EXPERIENCE AND A TOTAL COMMITMENT TO SOCIAL RESPONSIBILITY AND SAFER GAMBLING

LOCAL EXECUTION

+ + +

Strategic Overview

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Operational Structure

1 JV with MGM Resorts

CEO Kenneth Alexander Ladbrokes Coral Brands Andy Hornby Technology, Product, Trading and Customer Operations Shay Segev Regulation and Responsible Gambling Rob Hoskin US1 Adam Greenblatt GVC Brands Adam Lewis

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1 Latest annual revenue figures at 2018 average annual exchange rates as per Bloomberg: GBP/USD 1.335, GBP/EUR 1.1302, GBP/SEK 11.5948; bet365 YE 31Mar18 2 Revenues on a proforma basis 3 GVC FY18 Proforma NGR adjusted for the fully mature Triennial Review impact is £3.3bn

The largest online-led sports-betting and gaming operator in the world

Scale

2.7 1.9 1.9 1.6 0.9 0.7 0.7 0.5 0.4 0.3

Bet365 GVC Stars Group PPB Kindred Playtech William Hill Betsson 888 Jackpotjoy

2018 Full Year Online Net Revenue1

(£bn, last reported)

2 [2] 2

2.7

1.6 0.7 0.7

0.9 0.5 0.4 0.3

0.3 0.9 0.7

GVC Bet3 65 Stars Gro up PPB William Hill Playtech Kindre d Betsso n 888 Ja ckpotjoy

2018 Full Year Total Net Revenue1

(£bn, last reported)

3.6 1.9 1.9 1.6 1.4

Retail 1.6 Online 1.9

2,3 2 2

Retail Retail Retail Online Online Online

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Source: H2GC

Operating in a high growth sector and in high growth markets

High Growth Markets in a High Growth Sector

27.2 29.8 32.9 36.4 40.0 43.5 46.8 2014 2015 2016 2017 2018e 2019e 2020e Global Online Gross Gaming Revenue Growth (£bn)

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Source: H2GC

The sector has a very long runway for online growth

High Growth Markets in a High Growth Sector

3% 6% 10% 9% 43% 13% 16% 10% 18% 9% 11% 6% 6% 13% 52% 9%

2018 Estimated Online Penetration %

89.3 64.3 36.8 16.5 15.2 13.9 12.6 10.1 9.3 8.3 7.7 5.0 3.6 2.4 2.0 1.9 US China Japan Italy UK Australia Germany Canada France South Korea Spain Singapore Philippines Netherlands Sweden Brazil

Total 2018 Estimated Market Size – Gross Gaming Revenue (£bn) Land-based and Online

GVC present online

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Highly diversified global operator with a long history of operating in our territories – we know our markets “inside-out”

Geographic Diversification and Local Execution

1 Crystalbet acquired on 1 April 2018

36% 15% 9% 7%

2018 Online NGR

Years operating online in main markets

UK >20 years Germany >20 years Australia >7 years Italy >10 years Austria >20 years Netherlands >10 years Spain >10 years Brazil >10 years Greece >10 years Georgia >8 years

1

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Proven track record in delivering value from successful M&A

M&A

Target identification

  • Dedicated M&A team
  • Global brands and presence create a rich flow of opportunities
  • Strategically disciplined

Optimal deal structures

  • Highly flexible approach
  • Innovative deal structures
  • Partnership approach – a platform for entrepreneurial businesses

Successful execution

  • Improving growth in acquired businesses
  • Synergy delivery
  • System migration
  • Successful integration of people and cultures
  • Brand revitalisation
  • Retaining top talent
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Well-established brands increase marketing efficiency and create barriers to entry

Brands

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Vast majority of online revenues are generated in fast growing, regulated and taxed markets

Quality of Earnings

Source: H2GC 1 Sports-betting and gaming duty or equivalents

% of GVC FY18 Online NGR in countries… …if taxed, then are taxed1 at 15%

  • r more

…that are either regulated, regulating and/or taxed …where the

  • nline market

is growing >5% pa …where GVC is growing >10% pa …with online penetration currently less than 20% (ex UK) 92% 90% 95% 98% 81%

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Diversification significantly reduces gross win margin volatility Revenues are well diversified by product, with football revenues spread over multiple leagues and bet type Group Online NGR Product Splits (2018)

l Casino & Games

45%

l Poker

5%

l Bingo

3%

l Other

3%

l Football Prematch

9%

l Football BiP

12%

l Horse Racing

12%

l Tennis Prematch

1%

l Tennis BiP

4%

l Other Sports Prematch

2%

l Other Sports BiP

4%

Gaming

56%

Sports

44%

Football by League l World Cup

9%

l Premier League

8%

l Spanish La Liga

5%

l UEFA Competitions

5%

l German Bundesliga

4%

l Italian Serie A

3% Remainder includes other leagues each <3% Remainder includes other bet types each <3%

l Match Betting

36%

l Number of Goals

34%

l Team Goals

6%

l Double Chance

3%

Football by Bet Type

Quality of Earnings: Product Diversification

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Decisive action to improve player protection – we have a plan and are making good progress

Our Approach to Responsible Gambling

Increase in GVC funding for research, education and treatment from 0.2% to 1% of UK GGR (£4m to £20m) by 2022 Industry-wide ban on UK TV sports-betting adverts (excluding horse racing) at any time of the day Provide blocking software to customers free of charge Setting up an independent trust to fund treatment centres across the UK Working together as an industry Working with regulators Applying learnings across territories Sustainable and effective player protection framework GVC call for action in the UK Changing the narrative

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Key Messages

GVC is a truly global operator, gaining market share in all major territories Continued outperformance is driven by operational excellence The GVC operating model is highly effective and is a sustainable competitive advantage; we are exceptionally well placed for future growth

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19

Integration, Technology & Product

Shay Segev Co-COO

GVC Holdings PLC | Capital Markets Day | 16 May 2019

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Introduction

Picture

Shay Segev Co-COO

Agenda

  • Integration update
  • Technology
  • Product development

13 years within the online gaming sector Joined GVC as COO in February 2016 Previously Chief Strategy Officer Gala Coral Previous sector roles include:

  • Playtech - COO
  • Videobet - CEO
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Key Messages

Integration progressing well and driving business performance; accelerated platform migrations will unlock value Leading product range continuously enhanced and deployed across brands and territories Proprietary technology platform is a unique competitive advantage and growth driver

KEY ENABLERS

(Covered in this section)

TECH PRODUCT BRANDS MARKETING PEOPLE

+

LOCAL EXECUTION

+ + +

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Track record of highly effective integrations using a proven process

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Proven Integration Approach

Clear Targets Solid Structure Rigorous Execution

 Integration always focused on revenue growth and efficiency improvements, not just cost synergies  Delivered multiple successful integrations  Significant experience in delivering technology/platform migrations

– 23 successful platform migrations over last six years – 20m customers migrated to GVC platform without incident

 Holistic integration approach drives performance improvements e.g.

– 2016: bwin.party turnaround delivered £125m synergies while accelerating growth – 2019: Foxy Bingo migration to GVC platform (Nov 2018) - six months later +40% monthly YoY NGR growth

 Proven approach:  Define end-state

  • perating model

 Manage by KPIs  Focus on quick wins  Financial transparency  Executive focus  Pragmatic decision

making

 Strong people  Clear ownership  Lean and effective

governance process

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Integration progressing well without disrupting growth; accelerated £15m platform migration synergy in 2020

23

Ladbrokes Coral Integration: Status Update

Delivering run-rate of £130m cost synergies and at least £30m capex synergies by 2021

 Ladbrokes Coral brands growth boosted by immediate improvements in product, platform and operations  Focus on technology integration and preparation of online business migration; Playtech agreement provides flexibility  Detailed integration plans in place for all other areas  All synergy targets delivered to date; accelerated £15m platform migration synergy in 2020 (2020 total now c£72m)

Main Integration Areas Technology and Product Marketing Operations Corporate

(HR, Finance, Facilities, etc.)

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Significant further opportunity exists across the business Major opportunity exists from sharing “best-of-both”; quick wins implemented but we have barely scratched the surface

Integration: Immediate Value Drivers

Customer Service Examples of sharing to date:

  • Roll-out of the Coral Digital Marketing Platform to

bwin Germany in Q4 2018

  • Enables enhanced customer segmentation and

tailored CRM

  • First step in sharing of powerful marketing capability

between GVC and Ladbrokes Coral Shared Gaming Content Marketing Trading

  • GVC odds-feed into Ladbrokes Coral – increasing

product range and delivering operational synergies

  • Shared trading performance models – driving

improved risk management and increasing margins

  • Implementation of GVC agile approach and best

practices to Ladbrokes Coral customer service

  • Resulting in significant performance improvements in

customer response times (phone, chat, KYC)

  • Ladbrokes Coral in-house content available on GVC

brands; Playtech content to follow from Q2 2019

  • GVC content (in-house and third-party games)

increasingly available on Ladbrokes Coral UK brands

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Faster migration results in accelerated £15m synergies being recognised in 2020 Smart migration approach minimises risk and ensures a smooth user experience and seamless switch over

Integration: Platform Migration

 Material cost savings  Improved performance and stability  Improved operational efficiency (best practice implementation, single toolset,

unified processes)

 Global product platform advantages: build once, deploy multiple times London Gibraltar New Jersey Rome/ Milan Sofia Tel Aviv Vienna

Significant Benefits Smart Approach

 Phased approach by brands

– Wallet and gaming platform migration to GVC (Gala Spins in April 2019) – Introduction of price feeds from in-house GVC sports (already started) – Full migration to GVC in-house sports

 Fully co-ordinated with Playtech  Minimal UX changes  Smooth transition for players

Migrated April 2019

Migration to GVC wallet

Starting Q2 2019 through to H2 2020

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Ownership of a multi-territory fit for purpose sportsbook is a major differentiator – very difficult for competitors to replicate Powerful proprietary technology means we are in control of our destiny Sustainable Competitive Advantage

 Growth ready – highly

scalable

 Quick to market  Rapid deployment of

changes

 Multi-jurisdiction

compliant

 Seamless interaction

between all components

 Highly stable and

secure

 Cost efficient operation

and development

 Integrated retail and

  • mni-channel solution

OMNI-CHANNEL DEVICES

API SERVICES PLAYER MANAGEMENT SYSTEM

Full product suite Fully integrated proprietary tech platform All aspects are in-house Cutting-edge front-end technology Fully integrated acquisition and CRM technology Fully equipped supporting tools

2 WAY INTEGRATION SERVICES

Technology: Sustainable Competitive Advantage

SUPPORTING ECO SYSTEM TOOLS SPORTS CASINO POKER BINGO

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In-house technology enables rapid action and deployment

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Technology: Sustainable Competitive Advantage

Flexible Significant Scale Availability Resource Backed M&A Enabler

Processing (p.a.)

 >350m sports bets  >10bn casino spins  >1bn poker hands

Currently supports:

 66+ front-ends  33 languages  42 currencies  99.93% service

availability

 65+ changes deployed

per day

 1100+ IT staff  Core locations in

Hyderabad and Vienna

 Rapid deployment

and synergy creation

Case Study 1:

2018 integration of GVC sports and gaming into Crystalbet

11 April Acquisition complete 30 April Integration commences 14 May Integrated GVC’s sports feed into Crystalbet’s sports platform 28 May 300+ games added 2 weeks 4 weeks 4 weeks Case Study 2: 20 Aug Integration commences 20 Sept Stadium sports-betting app fully integrated with GVC platform

2018 integration of Stadium sports-betting platform into GVC platform

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Platform migration will further enhance the ‘develop once, deploy multiple times’ principle Extensive product development capability ensures a strong pipeline of new product and customer UX enhancements

Product Development Capability

Product Development

Third-party Games and Live Casino Sports In-house Games, Bingo and Poker Customer interface and user experience

 Industry-leading expertise

across all domains

 Common product

development approach

 Global, scalable products  Fast roll-out  High local market

relevance

London Gibraltar New Jersey Rome/ Milan Sofia Tel Aviv Vienna Hyderabad Brisbane Global product development organisation co-located with regional marketing teams Tbilisi

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Continual improvements to product offering and customer user experience

Recent Product Development

video

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Going Forward

Deliver integration with platform migrations from H2 2019 Proprietary technology driving significant benefits across the Group Accelerate growth and step-up “best-of-both” sharing into 2020

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31

GVC Holdings PLC | Capital Markets Day | 16 May 2019

GVC Brands

Adam Lewis CMO – GVC Brands

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Introduction

Adam Lewis CMO – GVC Brands

Agenda

  • Marketing strategy
  • bwin Germany
  • partypoker
  • Crystalbet

Joined GVC as CMO in January 2013 18 years within the online gaming sector 26 years International marketing experience Led the marketing turnaround

  • f Sportingbet (2013) and

bwin.party (2016)

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Key Messages

Highly effective operating model driving market share gains Deep local expertise enabling deployment of territory-specific operating models Sophisticated marketing techniques applied across territories

KEY ENABLERS

(Covered in this section)

TECH PRODUCT BRANDS MARKETING PEOPLE

+

LOCAL EXECUTION

+ + +

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Diverse brand portfolio across wide geographical footprint

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Brands and Scale

  • Operates in over 20

countries

  • Delivers £1.0bn NGR
  • 51% of Group Online NGR
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Highly effective operating model delivering sustained outperformance

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Performance

3-Yr Growth

+62%

2018 vs 2015

2016 2017 2018 +11% +20% +22%

Q1 2019 NGR

+21%

Year-on-year

NGR1

1 Constant currency

Total NGR €m

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Genuine player engagement is driving long-term revenue growth Eight specific marketing strategic pillars driving increased player engagement; growth underpinned by data and analytics

Marketing Strategy and Structure

Marketing strategic pillars

 Each headed by a

Divisional Director

 Dedicated budget  Delivers cutting-edge

practice across all regions and all brands

Player engagement

CRM Customer Experience Analytics and Insight Brand and Creative Digital Marketing Regional Sports Poker Casino Specialist divisions Revenue divisions

Data and Analytics

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Analytics and insight are the most influential enablers of sustained player engagement and growth

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Analytics and Insight

Next Best Action

The right message, bonus, contact or strategy for each individual customer at any stage of lifetime

Personalisation

Present the most relevant content at the right time, for CRM, onsite and offsite

Real-time Targeting

Increase customer engagement through real-time communication and offers pre- match and in-play

Optimised Acquisition

Budget optimisation through data-driven targeted advertising Customer DNA

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Sophisticated infrastructure drives optimal customer engagement

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Analytics and Insight

Additional text here

Data Layer

Transactional Web Customer Services Social & App Survey …Third Party

Customer DNA Analytics Layer

Marketing Mix Modelling Predictive Modelling

  • Churn
  • ALV
  • CLV
  • Bonus Opt
  • VIP models
  • RG
  • X-sell

Real Time Triggers Attribution Recommend. Engine

Intelligence Layer

Next Best Action Return on Marketing Investment (ROMI) Personalisation Engine

Application Layer

Targeted Comms Biddable Platforms AdServing CRM orchestration AlwaysON DMP

Measurement Layer…

  • Customer Data
  • Propensities
  • Customer

Movements

  • Feedback Loop
  • External data
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Marketing analytics delivering tangible benefits in sector specific trials – wider deployment planned from H2 2019 onwards

Analytics and Insight

Digital Marketing

(Player Acquisition)

CRM Casino Marketing

  • New customer first-3-months NGR +28%1
  • Data Marketing Platform implementation delivered 8% improvement in CPA2
  • New player deposit limit changes and payment type removals driving NGR growth
  • Bonus per active cost improved by 7%3
  • Player frequency +11% and churn 8%2 improvement
  • Increased customer insight enables greater customer protection
  • Average games per player increased by 10% driving +15% NGR4
  • Record 35%5 of sports customers cross sold to Casino in their first month
  • Cost per acquisition (CPA) decreased 47% whilst one year player value increased by 38%4

26 ongoing digital marketing analytics and insight projects

1 bwin Spain Q1 2019 YoY 4 partycasino Q1 2019 YoY 2 bwin Germany Q1 2019 YoY 5 All GVC sports brands Dec 2018 3 bwin and Sportingbet Greece Q1 2019 YoY

39

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Consistently exceeding player expectations

40

Making Customer Experience a Key Differentiator

2019 2020+

Customer rich data insight

Constantly listening to drive change

Persistent and consistent

Brilliant basics from a single voice

Customer Satisfaction

Introduce CX metrics and focus

Purposely designed E2E Journeys

Live, seamless and in control

Intentionally designed experiences

Across all touchpoints

Active listening

Manage both the reality and perception through cognitive science

Beyond satisfaction

Cultivate loyalty, not just satisfaction

Relevant and valued

Memorable peaks that strengthen engagement

The customer at the heart of everything we do

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A breakthrough campaign delivering a Hollywood-style adrenaline fuelled car chase, allowing the audience to predict the outcome of the chase

250,000

predictions made

  • n the result
  • f The Race

YoY 78%

increase in new customers

35%

increase in NGR

32%

increase in unique active players

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Brand & Creative: 2017 Bringing bwin Back to Life

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Campaign delivered an epic heist of the most famous football trophy in the world, with the four protagonists each hatching their plans across four separate adverts, with the campaign crescendo at the start of the tournament revealing…“Who Stole the Cup”

41%

increase in new customers

44%

increase in NGR

25%

increase in unique active players

If you want to be the best then work with the best!

11.8m

views on social media

42

World Cup: 2018 One Campaign - Global Appeal

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A pan-European brand campaign leveraging bwin’s sponsorship of football giants Borussia Dortmund, Valencia, Inter Milan and Atletico Madrid, creating an emotional and aspirational connection with fans, welcoming them to bwin and to the ‘BIG League’

‘Welcome to the BIG League’

43

2019: Leverage Our Key Assets Globally

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DAS IST UNSER SPIEL “This is our game” – grassroots campaign setting bwin apart from the competition Building an emotional connection between bwin and authentic football by leveraging players and real fans including Borussia Dortmund, Koln, St Pauli, Dynamo Dresden, Union Berlin and the 3rd Bundesliga

‘This is our game’

44

2019: German Regional Campaign

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Introduction

Stephan Heilmann Head of bwin Germany

Joined as Head of bwin Germany in January 2016 11 years within the German Online gaming sector 15 years marketing experience

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Market leading performance

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Germany: Performance

NGR1 2016 2017 2018 +18% +26% +23%

Q1 2019 NGR

+26%

Year-on-year

+83%

NGR growth since acquisition

1 Constant currency

Total NGR €m

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Making the bwin brand authentic and passionate

47

Germany: 2018 Brand Positioning

Artificial Authentic Humorous Passionate Factual

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Making bwin the standout No.1 sportsbook in Germany

48

Germany: Current and Future Strategy

2017

2020…2021…2022

2018 2019

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‘Welcome to the Big League’

49

Strong brand recognition: sportingbet, bwin and partypoker Considering LATAM expansion options Proven & highly competent regional team Q1 19 Growth

+48%

LATAM double digit growth for the last five years

LATAM

49

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partypoker

50

Significant market share gains driven by leading live event offerings and continued UX enhancements

Live Events

Geographical Expansion

Recent: Sweden and Spain

Future: Italy and Greece Ecology

Prevention of third-party tools

My game - poker Live Events

Largest Global Tour

PPL Dollars

Partnerships Recreational Player Acquisition

Spins

Team Online

ATL Spend

Social Media Increase ROI Improve Marketing Capabilities Recreational Player Retention

Gamify Poker Offering

Optimove Cycles

NGR GROWTH +128%1 2018 vs 2015

14% 41% 42% 2016 2017 2018

Product Enhancements

Recent: New lobbies and new tables

Future: Mobile and gamification Cash Games

FastForward animations

Short deck

Real name Multi-table Tournaments and Festivals

Powerfest

KO Series

Monster Series

YoY growth %

1 Constant currency

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Crystalbet: Effective M&A

51

Crystalbet performance demonstrates our effective M&A model – local expertise while leveraging Group assets

Existing Crystalbet management team combined with GVC assets Enhanced casino product 338 games added New sports feeds 8000 additional markets daily Group BI, CRM and acquisition technology increasing player acquisition & LTVs

NGR1

+58%

Q1 2019 vs Q1 2018

+79% +61% +41%

Q1 2018 Q2 2018 Q3 2018 Q4 2018

1 Constant currency

+76%

Total NGR GELm

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Going Forward

Rigorous focus on analytics, driving marketing efficiency Continue to leverage our extensive local expertise to drive market leading performance Next phase in the radical evolution of the bwin brand

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53

UK Online

Andy Hornby Co-COO

GVC Holdings PLC | Capital Markets Day | 16 May 2019

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SLIDE 54

54

Introduction

GVC Co-COO since the 2018 acquisition

  • f Ladbrokes Coral

Previous sector roles include:

  • Ladbrokes Coral Group

– COO

  • Gala Coral Group –

Chief Exec Coral 8 years within the gaming sector Previous roles include:

  • Alliance Boots
  • Halifax/HBOS
  • ASDA

Andy Hornby Co-COO

Agenda

UK Online:

  • Market
  • Operating model
  • Marketing
  • Brands

UK Retail:

  • Triennial Review update
  • Fit for the future
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SLIDE 55

55

Key Messages

The UK market is a well-regulated high growth market Multi-brand strategy presents further growth opportunity Market leading CRM and acquisition capability driving outperformance

KEY ENABLERS

(Covered in this section)

TECH PRODUCT BRAND MARKETING PEOPLE

+

LOCAL EXECUTION

+ + +

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SLIDE 56

UK market is still a high growth, well-regulated market dominated by scale operators with significant barriers to entry

56

UK Online Market

Source: Gambling Compliance FY17 estimates

0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2012 2013 2014 2015 2016 2017 2018E 2019E 2020E YoY Growth NGR (£m)

Total NGR YoY Growth

UK Online NGR Forecast Growth Total Online NGR (FY17) Online Gaming NGR (FY17) Online Sports NGR (FY17)

l bet365

13.0%

l TSG

12.6%

l PPBF

12.5%

l GVC

12.2%

l WH

9.0%

l Jackpotjoy

3.4%

l 888

2.6%

l Kindred

2.0%

l Rank

1.8%

l Others

30.9%

l GVC

13.6%

l TSG

9.6%

l William Hill

7.2%

l Jackpotjoy

6.1%

l PPBF

5.9%

l bet365

3.8%

l 888

3.8%

l Rank

3.2%

l Stride

2.5%

l Kindred

2.5%

l Tombola

2.2%

l Others

39.6%

l bet365

24.9%

l PPBF

21.2%

l TSG

16.4%

l William Hill

11.4%

l GVC

10.0%

l Others

16.1% High single- digit growth 12.2% 10.0% 13.6%

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SLIDE 57

Market leading growth in 2018

57

Driving High Growth

1 Excludes acquisitions

14% 6% 5% 3% 11% 7% 0%

  • 20%

Lad/Coral Skybet PPBF WH Galabingo Rank JPJ

2018 Year-on-year Online NGR growth Sports-led brands Gaming-led brands

Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 Competitor 6

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SLIDE 58

Outperformance continuing into 2019

58

Driving High Growth

1 Excludes acquisitions

8%

  • 12%
  • 1%

15%

  • 7%

Q1 2019 Year-on-year Online NGR growth Sports-led brands Gaming-led brands

Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 Competitor 6 Not reported Not reported Reported on a different time period

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SLIDE 59

59

These models are unique IP – driving efficient and effective marketing Scalable real-time marketing engine delivering unique experience to each customer

Marketing Tools

Bespoke predictive models include:

  • pNGR: predicts 12 month player value
  • pVIP: predicts propensity for customer to become high value
  • pChurn: predicts propensity of a customer to churn

Predictive analytics models Behaviour Segmentation models Macro and micro segmentations defining player cohorts:

  • Lifestage – e.g. early life, retained, churned
  • Preference – e.g Sports / Football / Horse Racing
  • Socio-demographic

Next Best Offer Models Real-time decisions defining next best offers:

  • Rules/activity based – e.g. Half Time market settles –>

promote second market

  • Browsing Behavior – e.g. Browse Rugby content –> change

banner offer to Rugby

  • Machine Learning/AI based models – suggest next best bet

Models are highly accurate

Organic FTDs – Adj R2 97%

Week 1 Week 52 Actives

Existing Active Customers – Adj R2 89%

Week 1 Week 52 Actives

Reactivated Customers – Adj R2 94%

Actual Model prediction Week 1 Week 52 Actives
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SLIDE 60

60

Highly relevant personalised CRM drives increased customer retention Advanced marketing capabilities enable unique interaction with every customer

Marketing: Leading Real-time CRM

Friday - Activation Saturday – Cross-sell and up-sell

15:00 Customer A sees an ad on Racingpost.com that was purchased using programmatic techniques. We do not buy ads on this site for non-horse racing customers 17:00: Customer A receives an incentivised offer to place a bet on the Saturday 15:00 kick-off football match. This offer is restricted to “churning medium value” customers 19:00 Customer A sees an ad on their Facebook feed for “1-2-Free” free-play games at Ladbrokes 20:00 Customer A sees an ad on Racingpost.com that was purchased using programmatic techniques. We do not buy ads on this site for non-horse racing customers 16:10 Post half-time Customer A receives an

  • ffer for a second-half

bet on the Manchester derby 15:00 Customer A places a bet on the Manchester football derby 12:00 Customer A receives a bespoke Odds Boost as part of an anti- churn campaign. Mobile app is configured to promote this after they receive the push notification 13:00 Customer A bet on Spurs last week – The real-time engine sends a push notification about the Spurs game this week 14:00 Customer A logs-in and browses the rugby page. The on-site banner is immediately changed to “Rugby Offer” 20:10: Real-time betting engine predicts that Customer A will be interested in El Classico. Customer A receives a push notification

Media Email/ SMS Social Media Offer Banner Push Push Push

Customer Profile

  • Customer A bets £100 per

week

  • Has opted-in to all

communications

  • VIP flag is set to medium
  • Flagged as favouring

football, but with a high propensity to horses and

  • ccasionally bets on rugby
  • ‘Bonus abuse’ flag is low
  • Clean Responsible

Gambling score – no previous problem gambling triggers

  • pChurn model indicates

likely to churn

15:02 Customer A receives a push notification advertising “1-2-Free” free-play game

Push

Example customer interaction:

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SLIDE 61

61

Advanced marketing capabilities are a competitive advantage

Marketing: Real-time CRM

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SLIDE 62

62

Brand differentiation reinforced through new campaigns

Marketing: Brand

‘Where the nation plays’ ‘Don’t bet silly, bet savvy’

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SLIDE 63

The on-going turnaround of the Ladbrokes online brand in the UK presents a significant opportunity

63

Ladbrokes.com: Improving Profitability

  • 9%

38% 21%

  • 5%
  • 6%

33%

  • 6%

21% 5% 36%

  • 7%

23% 29% 18% 13% 11%

2015 2016 2017 2018

Year-on-year quarterly NGR growth rate

Q1 Q2 Q3 Q4

Ladbrokes at merger completion (Nov 2016)

  • Tired brand
  • High levels of marketing to reinvigorate brand
  • Poor ROI
  • Over dependence on affiliates
  • Inefficient marketing channels & conversion
  • Low gaming cross-sell

Corrective actions:  Plugged in marketing models and real-time CRM  Marketing mix changes  New brand marketing launched ahead of the World Cup  Team realignment to focus on separate brands

Poor Performance Inefficient reinvestment of marketing Corrective actions Recovery Improved profitability

Merger completion

Poor profitability Annual marketing / NGR % 35% 32% 26% 26%

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SLIDE 64

Rigorous CRM and acquisition marketing driving material improvements in marketing ROI

64

Marketing Efficiency

Data Orchestration Segmentation Execution Driving higher marketing ROI Impact on ROI of applying these models to Ladbrokes.com

Channel Improvement in ROI1 TV 1.3x Branded PPC 2.2x Non-branded PPC 1.1x Display 2.7x Print 1.0x Affiliate 3.1x Sponsorship 2.3x

+ +

1 Comparisons of market spend return

  • n investment 2016 vs 2018
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SLIDE 65

Coral.co.uk has consistently outperformed the market

65

Coral.co.uk: Consistent Outperformance

Growth driven by market leading CRM and continued improvements to user journeys and product offering 2014

  • Launch of Coral Connect
  • Cash-out launched
  • Launch of Coral Football Jackpot
  • Innovative value offers eg: ‘Brazil to

Wear Yellow’

65% 54% 21% 8% 84% 33% 10% 17% 40% 30% 13% 29% 61% 13% 31% 13%

2015 2016 2017 2018

Year-on-year quarterly NGR growth rate

Q1 Q2 Q3 Q4

2016

  • Migration to in-house mobile front-

end

  • Increased range of exclusive in-

house games

  • Multi-channel loyalty ‘Bet and Get

Club’ launched

2018

  • Real-time CRM capability deployed
  • Exclusive ‘Build-Your-Bet’ product

launched

  • Coral Live Casino studio launched
  • Mobile app reskinned
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SLIDE 66

Very high marketing ROI driving sustained growth

66

Galabingo.com: Leading Growth

41% 17%

  • 8%

11% 23% 10% 8% 0% 18% 10% 9% 12% 14% 6% 2% 21%

2015 2016 2017 2018

Year-on-year quarterly NGR growth rate

Q1 Q2 Q3 Q4

2018 year-on-year Online NGR growth

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SLIDE 67

Foxy brand awareness remains very high; turnaround plan underway

67

Foxy Bingo: Turnaround

  • New TV campaign focusing on ‘The Foxy Fabulous’ with new

brand positioning and Foxy as the lead

  • Key

partnership with exclusive products, bespoke TV and C5 sponsorship

  • New brand team managed from Gibraltar
  • Relaunch of VIP scheme
  • New GVC back-end enables richer promotional plan
  • One brand, two worlds – Foxy Casino (rebranded Foxy Games)

will re-embrace the Foxy character to lead the brand

  • 40% YoY NGR growth in April 2019

JOIN THE FOXY FABULOUS.

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SLIDE 68

68

Going Forward

Further enhance real-time CRM capability to drive growth Continued turnaround opportunity for Ladbrokes.com and Foxy Bingo Leverage the benefits of operating on single Group technology platform

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SLIDE 69

69

UK Retail

Andy Hornby Co-COO

GVC Holdings PLC | Capital Markets Day | 16 May 2019

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SLIDE 70

Six weeks trading since implementation of £2 stakes

70

Triennial Review Update

  • 1. B3 Migration - Some >£2 play will migrate to slots
  • 2. OTC Migration - Some displaced machines spend will migrate OTC
  • 3. Online Migration - Some displaced machines spend will migrate online
  • 4. Shop Closures - Losses will be capped by closing loss making units

Key Model Assumptions

First six weeks vs model expectations In-line Positive In-line No update yet

  • Previous guidance was £120m fully mature EBITDA impact
  • Now expect to beat that guidance by c£15m from FY20 onwards
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SLIDE 71

Investment in machines, SSBTs, shop fabric and a new proprietary EPOS system leaves the business well positioned

71

Fit for the Future: OTC / SSBTs / Machines

Machines

  • 6,800 Equinox machines rolled
  • ut across 1,700 shops
  • Slots games launches continue

at pace − 29 games launched in Q1 − 24 games planned in Q2 Q1 2019 LFL Machines NGR growth: +4% SSBTs

  • UK terminal density-per-shop to

increase by 30%

  • New wide-screen terminals are

delivering strong double-digit growth

  • “Bringing the app experience

in-shop” Q1 2019 LFL SSBT NGR growth: +14% OTC

  • Market leading Best-Price-

Guarantee (BPG) all-day every- day

  • Multi-channel sign-ups >150%

ahead YoY since launch of BPG

  • Multi-channel sign-ups >100%

ahead YoY across both brands during Grand National Q1 2019 LFL OTC wagers growth: improved to flat1

1 Includes SSBTs

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SLIDE 72

72

Competitive advantages in the battle for market share Leading offer on the high street

Fit for the Future

1 Source: Betscope Q1 FY18 to Q4 FY18 2 Customers who have a Grid/Connect account who have registered/deposited in shop

Post Triennial (2022 onwards):

  • Cash generation >£100m p.a.
  • Steady OTC NGR decline partly
  • ffset by SSBT and slots growth
  • Rigorous focus on cost control

Highly Cash Generative Driving Online Growth

  • Market leading multi-channel
  • ffering is a material competitive

advantage

  • 2m+ Retail customers signed up

to Connect and Grid

  • Multi-channel customers2

contributed 14% of ladbrokes.com and 20% of coral.co.uk NGR Reinforcing Brand Recognition

  • Retail presence key in driving
  • verall brand recognition
  • Increasingly relevant post TV

advertising restrictions

80% 79% 78% 74% 72% 70% 69%

Ladbrokes William Hill Paddy Power Coral Bet365 Betfair Sky Bet

Total awareness of Online brands1

Retail brands

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SLIDE 73

73

Key Messages

Triennial Review impact £15m better than expected from 2020 onwards A right-sized UK Retail estate is a core asset – driving online growth through unique multi-channel offerings and delivering cash Well-placed for market share gains

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SLIDE 74

GVC Holdings PLC | Capital Markets Day | 16 May 2019

74

Break

15 minutes

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SLIDE 75

75

US

Adam Greenblatt CEO – ROAR Digital (US JV)

GVC Holdings PLC | Capital Markets Day | 16 May 2019

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SLIDE 76

76

Introduction

Previous roles include:

  • Rothschild - Gaming

Practice Previous sector roles include:

  • Ladbrokes Coral –

Director of Corporate Development and Strategy

  • Stadium Technology –

President 16 years within the gaming sector CEO – US JV since October 2018

Adam Greenblatt

CEO – ROAR Digital (US JV)

Agenda

  • The opportunity
  • The JV
  • Progress to date
  • Technology and product
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SLIDE 77

77

Key Messages

The US is undoubtedly the largest sports-betting opportunity to emerge in the last 20 years Clear JV roadmap exists Established brands, proprietary technology and market access will create a leading position in the US

KEY ENABLERS

(Covered in this section)

TECH PRODUCT BRANDS MARKETING PEOPLE

+

LOCAL EXECUTION

+ + +

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SLIDE 78

US is expected to be an online-led market worth at least $6bn GGR by 2023; Roll-out is likely to be gradual, state-by-state and retail-first in some states

78

The Opportunity

Source: Eilers & Krejcik – April 2019

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 AK HI Legend – legal sports betting: l Live in 2018 (8 states) l Live in 2019-2020 (11 states + DC) l Live in 2021-2022 (11 states) l Live after 2022 (16 states) l Unlikely to legalise (4 states)

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SLIDE 79

Currently c10% of the US population can bet on sports through retail outlets and only c4% online

79

The Opportunity: Live States

Source: Eilers & Krejcik – April 2019 1 Poker only

l Sports-betting operational l Sports-betting legal but not yet operational l Enabling bill(s) pending State Population (m) % of US population Retail betting Online betting Online casino Pennsylvania 12.8 3.9% l l l New Jersey 8.9 2.7% l l l Nevada 3.0 0.9% l l l Mississippi 3.0 0.9% l New Mexico 2.1 0.6% l West Virginia 1.8 0.6% l l l Rhode Island 1.1 0.3% l l Delaware 1.0 0.3% l l l Total 33.7 10.3%

1 1

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SLIDE 80

Additional 11 states + DC, (c23% of population) expected to be regulated by 2021

80

The Opportunity: Regulatory Roadmap to 2021

Source: Eilers & Krejcik – April 2019

State Population (m) % of US population Retail betting Online betting Online casino New York 19.5 6.0% l l l Illinois 12.7 3.9% l l Michigan 10.0 3.1% l l l Massachusetts 6.9 2.1% l l Indiana 6.7 2.0% l l Oregon 4.2 1.3% l l Connecticut 3.6 1.1% l l l Iowa 3.2 1.0% l l Arkansas 3.0 0.9% l l Kansas 2.9 0.9% l l New Hampshire 1.4 0.4% l l District of Columbia 0.7 0.2% l l Total 74.8 22.9% Total by 2021 108.4 33.1% l Sports-betting operational l Sports-betting legal but not yet operational l Enabling bill(s) pending

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SLIDE 81

Combination of established brands, proprietary technology and market access will create a leading position in the US

81

The JV: A Winning Combination

Established brands Proprietary technology Market access Efficient financial model

Online: GVC Technology Retail: GVC Stadium Technology 19 states; expect to access all markets that regulate where commercially viable Proprietary technology + efficient marketing + market access = efficient cost model Target EBITDA margin of 30%

  • 50/50 JV
  • 25 year agreement
  • All existing and future sportsbooks transferred to JV – current run rate NGR >$100m
  • Access to 32 million M Life members
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SLIDE 82

The JV is well-placed with current access to 19 states; expect to enter every regulating state where commercially viable

82

Market Access

Source: Eilers & Krejcik – April 2019

Market access, technology and brand awareness are major barriers to entry. We expect the market to be dominated by a small number of scale operators

WA OR CA MT ID NV AZ UT WY CO NM TX OK KS NE SD ND MN IA MO AR LA MS AL FL SC TN NC IL WI MI OH IN KY WV VA PA NY ME VT NH MD D.C. CT RI AK HI MA DE NJ l Live in 2018 (8 states) l Live in 2019-2020 (11 states + DC) l Live in 2021-2022 (11 states) l Live after 2022 (16 states) l Unlikely to legalise (4 states) l JV market access (19 states) Legend – legal sports betting: GA

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SLIDE 83

83

Flexible model that is fully customisable state-by-state NGR run-rate of over $100m across Retail, Online and B2B

Operating Model

Technology and product: proprietary, flexible, omni-channel sports and gaming platform

SPORTS

Trading: 600 traders globally, dedicated US-based team, proprietary trading models Marketing and BI: leveraging leading retail, online and omni-channel expertise Brands and assets: powerful brands and partnerships, well-invested retail assets, far-reaching customer database Responsibility: leading the way in Responsible Gambling

B2B ONLINE RETAIL

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SLIDE 84

Putting an optimal structure in place to capitalise on the long-term opportunity

84

Progress Since JV Formation

  • Management team now in place: CEO, CMO, CTO, CHRO
  • Head office established in Exchange Place Jersey City, minutes from Manhattan
  • Hiring progressing well – current 70 FTEs
  • Dedicated technology delivery team in place; H2 2019 roadmap agreed
  • Over 40 developers ring-fenced to focus on US requirements, in addition to the 1,100+ IT

heads within GVC supporting the platform and shared elements

  • New Jersey launch in both retail and online (with limited marketing to date)
  • Market access commitments signed in California and Montana
  • Strategic partnerships with multiple sports leagues secured
  • Build-out of MGM retail sportsbooks progressing well
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SLIDE 85

Powerful proprietary technology is resource backed and provides operating leverage

85

Technology

US Online sports offering migrated to the GVC technology sports platform in H2 2019

OMNI-CHANNEL DEVICES

IOT MOBILE TABLET

API SERVICES PLAYER MANAGEMENT SYSTEM

2 WAY INTEGRATION SERVICES

SUPPORTING ECO SYSTEM TOOLS

Stadium Sports Technology

 Fully integrated into the GVC technology platform  Default US Retail solution – used by over 80% of sportsbook operators in Nevada  Provides a ‘light’ online solution – current basis for JV offering in New Jersey  Migration of online sports offering to the main GVC sportsbook in H2 2019

US Retail  US Online (light) 

STADIUM SPORTS SPORTS

Full US Online: H219

CASINO

US Online  US Online 

POKER BINGO

US Online 

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SLIDE 86

Full product range available to customers ahead of the new NFL season

86

Roadmap: Product

slide-87
SLIDE 87

Launch on the GVC technology platform in H2 2019 will significantly enhance offering

87

Technology and Product Milestones

MGM NJ Retail sportsbook migrated to GVC platform

2019

US core platform upgraded to the global version Sports affiliates platform deployment MGM MS Retail sportsbooks migration to GVC platform Additional payment methods 30+ new casino games exclusive for the US market MGM NV Retail sportsbooks migration to GVC platform Full GVC

  • nline sports

platform deployment GVC marketing and BI tools deployment Borgata Sports on mobile and desktop New sports-betting mobile and desktop front-end Online sports- betting on desktop In-play sports-betting on mobile and desktop 

  

Start of NFL Season (September)

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SLIDE 88

88

US Marketing

Matt Prevost CMO – ROAR Digital (US JV)

GVC Holdings PLC | Capital Markets Day | 16 May 2019

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SLIDE 89

89

Introduction

Previous roles include:

  • Cerberus
  • Avon - Chief Digital

Officer

  • McKinsey & Co.

Previous sector roles include:

  • Coral Interactive – CMO

CMO – US JV since January 2019 6 years within the gaming sector

Matt Prevost

CMO – ROAR Digital (US JV) Agenda

  • Marketing strategy
  • 2019 roadmap
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SLIDE 90

Building the foundation for growth; ready for the start of the 2019 NFL season

90

Marketing Strategy

Leverage powerful MGM brand Extend MGM’s investment in sports partnerships Develop data-driven marketing approach Build omni-channel experience 50+ marketing deals including MLB, NBA, NHL and MLS Leverage experience and tactics developed in the wider Group; predictive analytics and real-time CRM Connect land-based and online experiences; 7m+ annual guests at MGM properties Highest awareness of Las Vegas resort operators at c90%

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SLIDE 91

Very high awareness of the MGM brand enables higher ROI acquisition spend

91

Leverage Powerful MGM Brand

  • Highest awareness among the Las Vegas resort operators (c90%)
  • Operates 8 of the top 12 brands in Las Vegas
  • Significant regional properties in key markets

“To Entertain the Human Race”

  • 32m+ M Life Rewards members
  • 7m+ annual guests at MGM properties
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SLIDE 92

Very high awareness of the MGM brand enables higher ROI acquisition spend

92

Leverage Powerful MGM Brand

Video

slide-93
SLIDE 93

Driving awareness and loyalty through sports partnerships

93

MGM: Significant Commitment to Sports

Billions of advertising impressions annually National Regional Las Vegas

Stanley Cup UFC Pac 12 The Match Canelo vs. GGG NBA Summer League

  • A proud heritage: e.g. Tyson vs Holyfield, NBA All-Star, Mayweather vs Pacquiao
  • Wide range of sports in MGM properties: 35 live entertainment venues, 8,000+ events, 8m+ tickets sold annually

Hosted-events provide opportunities for VIP engagement as well as new player acquisition

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SLIDE 94

94

Efficient player acquisition and retention

Building an Unmatched Omni-Channel Experience

Omni-channel customers at Borgata are 2.5x more valuable than online-only customers MGM Guest Reservation

 Online sports-betting introduced

pre-arrival (Awareness) MGM Guest Arrival

 Incentives to trial retail and

  • nline experience (Conversion)

MGM On-property Experience

 Personalised experience from

welcome to VIP host (Retention) MGM Guest Checkout

 Online extension of on-property

experience (Retention) Return to Home State

 Sign-up with home state

  • ffering, extension of Vegas

experience (Retention) Customer Journey (Las Vegas example):

7m+

annual MGM guests MGM Guest Reservation 1 2 3 4 5 MGM Guest Arrival MGM On- property Experience MGM Guest Checkout Return to Home State 1 2 3 4 5

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SLIDE 95

Activity will ramp-up considerably with product and retail sportsbook development

95

Marketing Roadmap: Early Focus

  • Borgata
  • Launch Retail sportsbook; market-leading in Atlantic City
  • Launch Borgata Online sports; integrated casino and sports
  • Launch repositioned MGM online brand
  • Invest in team development; continue to leverage GVC capabilities
  • Integrate marketing efforts with MGM marketing campaigns
  • Build-out M Life points integration
  • Launch new mobile app in market and increase marketing efforts
  • Expand off-strip deposit points and access for locals
  • Develop omni-channel experience; focus on tourist market and MGM’s 45,000+

rooms

  • Build-out retail sportsbook operation and marketing
  • Leverage Beau Rivage’s premium brand
  • Commence online and omni-channel advertising

Capability Development New Jersey Nevada Mississippi

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SLIDE 96

96

Going Forward

Technology launched ahead of the NFL season, providing the full GVC product offering Further develop and capitalise on the omni-channel opportunity Full marketing deployment in H2 2019, leveraging Group expertise

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SLIDE 97

97

Regulation and Responsible Gambling

Rob Hoskin - Group Director of Legal and Regulation Grainne Hurst - Director of Responsible Gambling

GVC Holdings PLC | Capital Markets Day | 16 May 2019

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SLIDE 98

98

Introduction

Group Director of Legal and Regulation since February 2016: previously held similar roles at bwin.party and PartyGaming

Picture

Rob Hoskin

Group Director of Legal and Regulation 14 years within the gaming sector

Picture

Grainne Hurst

Director of Responsible Gambling Previous sector roles include:

  • Ladbrokes Coral –

Director Corporate Affairs

  • Former Special Advisor

in the David Cameron Government Director of Responsible Gambling since the 2018 acquisition

  • f Ladbrokes Coral
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SLIDE 99

99

Key Messages

Regulatory agenda is broad; regulation can benefit scale operators with established brands Positive direction of travel on German regulation Decisive action being taken by GVC on Responsible Gambling initiatives

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SLIDE 100

Scale, diversification and multi-channel offerings are advantages in new markets and markets where regulation is increasing

100

Regulation Summary

We are supportive of well-regulated markets

  • Key themes:
  • As a global operator we have a broad regulatory agenda (we operate licences granted in more

than 20 countries)

  • GVC has unparalleled regulatory expertise, staying at the fore-front of developments
  • Regulation can be an opportunity
  • New markets opening up – e.g. US
  • Markets regulating – e.g. Brazil
  • Tighter regulations create barriers to entry, benefiting large established operators
  • Greater revenue stream certainty

Regulating Markets Advertising Restrictions UK Responsible Gambling Germany

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SLIDE 101

Over 90% of Group revenues are derived from taxed or regulated markets

101

Regulated Markets Drive Growth

Regulation provides significant growth opportunities in Brazil and Netherlands

 Market growth  Increased marketing ROI  Increased player protection  Increased barriers to entry − Brand − Compliance − Tax cost  Revenue stream certainty The Group’s largest unregulated1 markets are Netherlands and Brazil, both of which are expected to regulate in the next 2 years

Brazil

  • The Brazilian Parliament has authorised the Brazilian

Government to legislate online and retail sports-betting

  • sportingbet is the dominant player
  • Expensive free-to-play marketing would be replaced by

direct customer acquisition driving market growth Netherlands

  • Gambling law approved
  • Licensing expected by 2021
  • Direct marketing will be permitted driving market growth

Advantages of regulated markets

1 Excluding Germany which is taxed and regulating

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SLIDE 102

We are already well-taxed in all major regulated territories

102

Regulated Markets: Tax

Top 10 Online Countries Group Online NGR Share Sports Tax Rate Gaming Tax Rate UK 36% 15% GGR 21% GGR Germany 15% 5% stakes 16% GGR Australia 9% 17%-24% GGR n/a Italy 7% 24% GGR 25% GGR Austria 2-3% 2% stakes 40% GGR Netherlands 2-3% Regulating Regulating Spain 2-3% 20% GGR 20% GGR Brazil 2-3% Regulating n/a Greece 2-3% 35% GGR 35% GGR Georgia 2-3% 7% stakes Fixed licence fees Expected to regulate by 2021

Key 30%+ GGR 15% - 29.99% GGR 0% - 14.99% GGR

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SLIDE 103

Advertising restrictions are a growing theme

103

Advertising Restrictions

Well-established online and retail brands and market leading multi-channel offerings will drive market share gains Italy Australia UK Whistle-to-whistle live sport TV advertising ban (August 2019)

  • High street signage and well-established multi-channel offering are a competitive advantage
  • Voluntary industry collaborative initiative

Whistle-to-whistle live sport TV advertising ban (March 2018)

  • No discernible impact on market growth
  • Reinforcing barriers to entry - online sports-betting market dominated by five operators

Full advertising ban – all channels (1 July 2019)

  • Established brands and the Eurobet multi-channel offering will help drive market share gains
  • Creates very high barriers to entry
  • One-time negative impact on online market growth – expected reduction in the number of
  • perators
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SLIDE 104

Major Responsible Gambling changes have already been implemented in our UK businesses over the last three years

104

UK – The Landscape Has Already Changed

UK business is still growing strongly despite these changes

Step-change in customer affordability, source of funds, and responsible gambling intervention

% increase from 2016 Compliance (source of funds) interactions +330% Responsible Gambling interactions +387% Self-excluded and excluded customers +551% Compliance and Responsible Gambling headcount +468%

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SLIDE 105

Identification of problem gambling behaviour and effective intervention

105

Our Approach to RG – Changing for the Bettor

CHANGING FOR THE BETTOR

 Aim to be the most

trusted and enjoyable betting operator in the world

 Markers of harm

triggers will identify problem gambling behaviour driving effective intervention

 Supported by

affordability checks where appropriate Ongoing development of monitoring tools

1.

Understand the problem and best solutions

Tailored to individual markets

7.

Drive cultural change within

  • ur business

6.

Champion responsible product design

4.

Empower customers

5.

Fund treatment for those in need

3.

Promote responsible attitudes

2.

Educate our key stakeholders

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106

Decisive action being taken to improve player protection – we have a plan and are making good progress

Our Approach to Responsible Gambling

Increase in GVC funding for research, education and treatment from 0.2% to 1% of UK GGR (£4m to £20m) by 2022 Industry-wide ban on UK TV sports-betting adverts (excluding horse racing) at any time of the day Provide blocking software to customers free of charge Setting up an independent trust to fund treatment centres across the UK

Working together as an industry

  • Minimum industry standard

for markers of harm by Q2 2019

  • Creation of a new trade body

for the retail and online gambling industry – Q3 2019

  • Whistle-to-whistle TV advert

ban – Aug 2019 Working with regulators

  • Affordability trials – working

with UKGC and the industry

  • Use of credit cards – UKGC

decision likely by in Q3 2019 Applying learnings across territories

  • Implementing player awareness

systems outside the UK

  • Applying Responsible Gambling

learnings in US

Sustainable and effective player protection framework GVC call for action in the UK Changing the narrative

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German regulatory framework is complex, but the direction of travel is positive

107

Germany: Overview

bwin has over 20 years experience of operating a successful business model in this complex regulatory environment

  • German regulation is set by the 16 Lander (states)
  • GVC and other operators offer both online sports-betting and online gaming on the basis of
  • EU law
  • Being one of the original successful sports-betting licence candidates
  • Schleswig-Holstein licences
  • Regulation is currently defined by the amended 2012 interstate treaty:
  • Online sports-betting licences now due to be issued in early 2020
  • Online gaming remains prohibited, but legal defences remain
  • A seismic shift toward online gaming in the last two years, several influential Lander pushing for some form of
  • nline gaming regulation rather than prohibition
  • The Lander have committed to re-regulating the German market by mid 2021; GVC expects this regulation to

include online gaming regulation

  • GVC expects to continue to offer online sports-betting and online gaming into Germany
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SLIDE 108

The Lander vote on 21 March 2019 sets a clear pathway to regulation

108

Germany: Roadmap to 2021

Key expected regulatory developments:

Developments following Landers’ vote on 21/3/19 SH licences, including casino licence extended Gaming prohibition remains, and may be a condition

  • f the new licences

Sports-betting licences to finally be issued 1/1/2020, based on 2012 state treaty regulation – potential BiP restrictions and stake caps Landers committed to a new interstate treaty in 2021 GVC interpretation Positive Ban is in breach of EU law; appetite for enforcement appears low Positive development as regulatory certainty increased; restrictions can be relaxed Positive – influential Lander pushing for regulation of

  • nline sports and gaming

21 March 2019: Prime Ministers agree to abolish limitation to 20 licences by agreeing on amendments to the current State

  • Treaty. Hesse shall (again) be the

issuing Lander 6 June 2019: Prime Ministers to commence discussions on future legislation after mid-2021 1 January 2020: State Treaty amendments scheduled to enter into force 30 June 2021: Current State Treaty expires; new state treaty expected to enter into force April 2019: Schleswig-Holstein initiates legislative process to continue regulated online casino market (bwin licensed) Q1 2020: Hesse expected to issue sports-betting licences Q3 2019: Hesse expected to provide details of sports-betting licence procedure

A B C D A C B D

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109

Going Forward

Decisive actions on Responsible Gambling Finalising and implementing plans for a regulating Germany Collaborative approach to working with regulators

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GVC Holdings PLC | Capital Markets Day | 16 May 2019

110

Australia

Jason Scott CEO - Australia

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111

Introduction

CEO Australia since the 2017 15 years within the gaming sector

Picture

Previously ladbrokes.com.au trading director Previous sector roles include:

  • Tatts Group
  • Humbleton Pty Ltd

Jason Scott CEO - Australia

Agenda

  • Overview
  • Australian Market
  • People
  • Technology
  • Product
  • Marketing
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Key Messages

Australia is a core, profitable market for the Group with potential long-term regulatory upside Neds acquisition provides greater scale, dual brands, best-of-both management and improved technology Market-leading product innovation and marketing is driving

  • utperformance

KEY ENABLERS

(Covered in this section)

TECH PRODUCT BRANDS MARKETING PEOPLE

+

LOCAL EXECUTION

+ + +

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SLIDE 113

Ladbrokes.com.au NGR has grown 166% since 2015, significantly outperforming the market

113

Growing Market Share

2012 2013 2014 2015 2016 2017 2018 2019

Launched as Bookmaker.com.au Acquisition by Ladbrokes plc Acquisition

  • f Neds

0% 5% 10% 15% 20% 50 100 150 200 250 300 350 400 2015 2016 2017 2018

Ladbrokes.com.au Neds Online market share

  • Consideration of c£37m (max. c£52m)
  • Revenue multiple of 0.7x for the fastest growing operator in

the market Provides scale and growth opportunity

  • Greater scale – combined market share of c19%
  • Dual brand strategy
  • Best-of-both businesses to be retained
  • Leading technology platform
  • Synergies of c£9m, to be fully realised in 2021

Acquired Betstar Launched exclusive Cash- In product First to market with OddsBoost product

Historic NGR and market share1

A$m

NGR

1 Source: Market share stakes based on management estimates

Market Share Stakes

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SLIDE 114

Australian market is high growth with long-term regulatory upside

114

Australian Market

1 Source: Online only staking. Management estimates 2 Source: Australian Racing Fact Book 2017/18

Australia is a profitable division for GVC with the market dominated by scale operators High Growth Online Market Recent Regulatory Developments Horse Racing Led, Sports Growing Long-term Potential Upside

  • Credit betting ban
  • TV advertising restrictions
  • POCT commenced in all states
  • National Consumer Protection Framework

implemented from May 2019

  • Bet-in-Play
  • Online Poker
  • Online Gaming
  • Licence processes underway in WA, VC and

New Zealand

5 10 15 20 25 30 2015 2016 2017 2018 A$bn

Thoroughbreds 55% Greyhound 9% Harness 5% Sports 31%

2 1

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SLIDE 115

Market is competitive, but expect POCT mitigation through price

115

Australia Market: Post POCT

1 Source: Internal data 2 Source: Taylor Collison. Based on average market percentage across top 7 operators on consistent race weeks in March 2018 and March 2019

  • Point of Consumption tax now introduced in all major states
  • Average effective rate: 11.5% of GGR
  • Including POCT, total taxes paid to Government and horse racing is now c35% of GGR – highlights importance of

scale and increases barriers to entry

  • Mitigation - consistent evidence of price mitigation by all operators expected to continue

117% 120% 2018 2019

x

113% 114% 115% 116% 117% 118% 119% 120% 121% 122% 123% Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19

x

Thoroughbred Harness Greyhound

POCT in Queensland effective 1Oct18 POCT in NSW / Victoria / WA effective 1Jan19

Average overround % of major operators2 Average market percentage 1

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116

People: Australia Team

CEO Jason Scott

Chief Marketing Officer James Burnett Chief Product Officer Mick Horne Chief Digital Officer Chris Ward Trading David Horne

Chief Operations Officer Gary Shannon

Chief Technology Officer Drew Wareham Chief Financial Officer Lachlan Murray

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SLIDE 117

Acquisition of Neds enables refresh of the Ladbrokes.com.au technology platform

117

Technology Platform

The Neds platform is a scalable, modern, cloud-first architecture:

  • Mobile-first single codebase allows for highly efficient single execution of product

delivery, ensuring rapid speed to market for new products

  • Capacity to scale to >20x current volumes
  • End-to-end development team and delivery model – low cost
  • Customisable admin system provides a single view for operators and trading teams
  • Powerful promotional marketing engine

Platform migrations to Neds platform:

  • Bookmaker.com and Betstar migration completed to Neds April 2019 – no issues
  • Ladbrokes.com.au planned for H2 2019
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SLIDE 118

Ladbrokes.com.au and Neds have a track record of leading product innovation

118

Product Innovation

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SLIDE 119

Ladbrokes.com.au and Neds have a track record of leading product innovation

119

Product Innovation

  • >9.5m Odds Boosts used by customers in 2018
  • Available on racing, sports and multis, further

variants planned

  • In-depth customer profiling driving reduced cost

Ladbrokes Odds Boost

  • Personalised bucket of “value” for customers to

use as they like

  • Ability to tailor offerings to individual customers
  • Key driver of Neds strong growth since launch

Neds Toolbox

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SLIDE 120

Video

Legends Boost is the latest example of product innovation to be released in the market

120

Product Innovation

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SLIDE 121

Standout marketing has firmly established Ladbrokes as part of the Australian betting culture

121

Marketing: Strategy

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SLIDE 122

Neds acquisition provides the benefits of a dual-brand strategy

122

Marketing: Brand

All rounder app fun, fast and innovative New technology innovation and novelty Impulsive ”Refunds” Well established brand with substance and integrity Trusted, reliable service Considered and looking for value “Win More” Brand Snapshot Customer Needs Customer Type Default Promo Type

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SLIDE 123

Best-of-both CRM approaches adopted as part of Neds integration; also leveraging Group capability

123

Marketing: CRM

  • Personalisation based on customer preferences
  • Digital marketing excellence
  • Timely reminders of previous successes
  • Highly scalable reactivation techniques
  • Leveraging Group capability
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124

Going Forward

Deliver benefits of a dual-brand strategy Leverage benefits of the Neds technology platform and wider Group capabilities Rigorous focus on CRM and product development

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GVC Holdings PLC | Capital Markets Day | 16 May 2019

125

Financials

Rob Wood CFO

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126

Upgrade to synergy and triennial review guidance

Guidance Updates

  • Acceleration of Ladbrokes Coral synergy recognition due to earlier platform migrations:
  • £15m additional cost synergy recognised in 2020
  • No change to overall quantum of £130m
  • Triennial Review impact is better than expected:
  • £15m EBITDA benefit from 2020 onwards
  • Strong trading continued since last update (1 April 2019)
  • Full year 2019 EBITDA in-line with expectations1

1 Bloomberg FY19 EBITDA consensus £646m as at 15May2019

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127

Double-digit Online NGR growth delivering sustainable long-term profit growth and cash generation

Long-term Profit Growth

  • Longer-term commitment to double-digit Online NGR growth, providing platform for strong EBITDA

growth

  • Strengthening Online EBITDA margin, rising to 30% over time
  • Strong cash conversion1 targeting c33% (after dividends) post Ladbrokes Coral integration
  • Reaffirming minimum double-digit annual dividend growth

This is pre-US – which is a significant opportunity on top…

  • US market size of at least $6bn, could be up to $10bn
  • Expect top-three operators to have 60% share of the market – JV is targeting no 1 position
  • JV has an efficient operating model – expected EBITDA margin of c30%

1 Cashflow conversion is defined as net cash-flow after all outflows (including dividends) / EBITDA

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128

Wrap-up

Kenneth Alexander Chief Executive

GVC Holdings PLC | Capital Markets Day | 16 May 2019

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129

Key Messages

GVC is a truly global operator, gaining market share in all major territories Continued outperformance is driven by operational excellence The GVC operating model is highly effective and is a sustainable competitive advantage; we are exceptionally well placed for future growth

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130

Q&A

GVC Holdings PLC | Capital Markets Day | 16 May 2019