2020 interim results13 August 2020

2

DisclaimerNOT 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 GVC. By attending this presentation and/or reviewing the slides you agree to be bound by the following conditions. The release, presentation, publication or distribution of this document, in whole or in part, in certain jurisdictions may be restricted by law or regulation and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.

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3

agenda

INTRODUCTION Barry Gibson

FINANCIAL REVIEW Rob Wood

STRATEGIC PRIORITIES Shay Segev

Q&A

4

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

Financial reviewRob Wood – Chief Financial Officer

6

• 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

£m2019

£mChange1

%

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 2019No of shares (m) 582.8 581.9Diluted EPS (1.0) (0.6)Adj. diluted EPS4 28.7 31.3Dividend/share (p) - 17.6Pre IFRS 16Net debt (£m) (1,836.8) (1,929.3)Net debt/EBITDA 2.76x 2.65xPost IFRS 16Net debt (£m) (2,164.9) (2,279.6)Net debt/EBITDA 2.91x 2.79x

7

£366.8m £358.0m £348.6m

(£103.7m)

(£27.2m)(£8.8m)

£136.1m

(£13.8m) (£0.8m)

FY19

EB

ITD

A

UK

RG

D

FY19

EB

ITD

ARe

base

d

Onl

ine

UK

Ret

ail

Euro

pean

Ret

ail

Oth

er

Cor

pora

te

FY20

EB

ITD

A

Financials: Underlying EBITDA BridgeStrong 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

8

• 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

operating 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% 3.3ppOperating 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%

9

• 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 RetailUK 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% 1.3ppOperating 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)

11

Post IFRS 16 Pre IFRS 16Six 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 StatementReported 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

12

Financials: Other separately disclosed items

Profit & Loss CashflowSix 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

13

Financials: CashflowStrong free cashflow generation of £172m despite the impact of COVID-19

Six months ended 30 June

2020£m

2019£m

Underlying EBITDA 348.6 366.8Underlying 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 171.6 176.2Separately disclosed items (60.6) (100.7)Net movement on debt & cost of debt issuance (26.7) 4.0Equity 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)

14

• 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 debtNet 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 469.4Subtotal (1,729.6)Cash held on behalf of customers (376.2)Fair value of swaps held against debt instruments 28.0Short term investments / deposits held 144.1Balance held with PSP 110.0Finance 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 16 742.9Leverage ratio post IFRS 16 2.91x

(1) Accessible cash reflects cash plus deposits held plus PSP balances less cash held on behalf of customers

15

Regulatory updateGermany, 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

16

• 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£133mreceivable)

• 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%

17

Strategic prioritiesShay Segev – Chief Executive Officer

18

Key priorities leveraged off Industry leading platform

Driven by ourCompetitive advantages

o Proprietary technologyo Operational excellenceo Leading digital marketing skillso Customer centric approacho Exciting diversified product suiteo Omni-channel operationso Expertise of our peopleo Capital discipline

Delivering benefitsfor 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

19

Marketing

Product development

New Market Entry

Innovation

Speed & Control

Conversion

Voice of the customer

Personalisation

The technology edge driving growth opportunities

protectionresilience

DELIVERING AN INDUSTRY LEADING CUSTOMER EXPERIENCE

Technology

20

US UpdateShay Segev – Chief Executive Officer

21

Significant opportunity in the growing US market

38 States

224.3m adults

Spend per adult ~$60Expected market size ~$13.5bn$20.3bn

Sports ~$13.5bniGaming ~$6.8bn

15% - 20% BETMGM’S EXPECTED MARKET SHARE

SPORTS MARKET ASSUMPTIONS

13 States

61.6m adults

Spend per adult ~$110Expected 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

22

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

Playeraccess & 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

23

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. sportsbetting and online casino

Dual sports betting and iGaming focus

BETMGM’S STRATEGIC “FOUR KEY PILLARS”

ADDITIONALKEY ENABLERS

Source: GVC, BetMGM & Goldman Sachs

24

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

NDMN

IA

MO

AR

LA

MS ALGA

FL

SCTN

NC

IL

WI MI

OHIN

KY

WV VA

PA

NY

ME

VTNH

NJDE

MD

D.C.

MA

CTRI

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

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 outsourced tech

Customised and localised by dedicated team

Data enabled customer retention

Tech driven customer acquisitionexpertise

Proven execution through decadesof international experience

Marketing technology

CRM & data analytics

Scalable and rich customer experience

BetMGM’s Integrated Tech Stack

User experience

Built for the US

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

27

User acquisition advantage driven by brands, partnerships and customer database

34m+ Customer database – forecast c.5- 10% of customers acquired via M life

13Locations

>2xOmni 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

>2xExpected higher value

$0 - $150

$200 - $550

$250

Lower acquisition costHigher RetentionHigher customer value

Note: GVC & BetMGM estimates

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 optimisation

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 offering

4. Voice of customer established

BETMGM BRAND OMNI-CHANNEL

MARKETING SPREAD – NEW AMBITION Differentiated Customer Engagement

29

Significant branding campaign

30

Rebranding the luxor

31

Organic and new market growthShay Segev – Chief Executive Officer

32

Inbuilt growth opportunitiesVast 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 online market is growing >5% pa

80%

…where GVCis growing >10% pa

93%

…if taxed, thenare taxed1 at 15%

or more

98%

…with online penetration currently

less than 20% (ex UK)

81%

Source: H2GC1. Sports betting and gaming duty or equivalents

% of GVC FY19 Online NGR in countries…

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.160mGDP: c.€1.8trnPOTENTIAL GGR: >$10bn

CEE

AFRICA

POPULATION: c.850mGDP: c.€1.6trnPOTENTIAL GGR: >$10bn

AFRICA

LATIN AMERICA

POPULATION: c.300mGDP: c.$2.7trnPOTENTIAL GGR: >$25bn

LATAM

Standout m&A capabilities

34

responsibilityShay Segev – Chief Executive Officer

35

Our safer gambling strategy

GUIDING PRINCIPLESTo 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

EDUCATEOUR KEY

STAKEHOLDERS

FUND TREATMENT FOR THOSE IN NEED

DRIVE CULTURAL CHANGE WITHIN OUR BUSINESS

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

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

38

Q&A

39

Appendix

40

Product diversificationRevenues 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%

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

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

43

BetMGM market access providing path to market leadershipActive

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

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✓ ✓ ✓ ✓ 4

Live Markets (19) Legal Markets (4) Legalizing (3)