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Investor OverviewJune 2020

1

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This presentation contains statements that constitute forward-looking statements which involve risks and uncertainties, including such risks and uncertainties relatedto the effects of COVID-19 on the Company’s business and results of operations and other factors set forth in the Annual Report on Form 10-K of PlayAGS, Inc.(“AGS” or the “Company”) filed with the U.S. Securities and Exchange Commission (the “SEC”) by the Company. These statements include descriptions regardingthe intent, belief or current expectations of AGS or its officers with respect to the consolidated results of operations and financial condition, future events and plansof AGS. These statements can be recognized by the use of words such as "expects," "plans," "will," "estimates," "projects," or words of similar meaning. Such forward-looking statements are not guarantees of future performance and actual results may differ from those in the forward-looking statements as a result of variousfactors and assumptions. These statements are subject to risks, uncertainties, changes in circumstances, assumptions and other important factors, many of whichare outside management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. You arecautioned not to place undue reliance on these forward looking statements, which are based on the current view of the management of AGS on future events.We undertake no obligation to publicly update or revise any forward-looking statement contained in this presentation, whether as a result of new information,future events or otherwise, except as required by law. In light of the risks, uncertainties and assumptions, the forward-looking events discussed in this presentationmight not occur, and our actual results could differ materially from those anticipated in these forward-looking statements.

This presentation also contains references to Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), Adjusted EBITDA, Free Cash Flow, total netdebt leverage ratio and adjusted total net debt leverage ratio which are non-GAAP financial measures. Management believes that there are non-GAAPmeasures and their related measures are commonly reported by companies and widely used by investors as indicators of a company’s operating performance.Non-GAAP financial measures should be considered only as a supplement to, and not as a superior measure to, financial measures prepared in accordance withGAAP. Please refer to the reconciliations of certain non-GAAP financial measures included in this presentation to the most directly comparable financial measureprepared in accordance with GAAP.

Unless otherwise noted, information included herein is presented as of the dates indicated. This presentation is not complete and the information contained hereinmay change at any time without notice. Except as required by applicable law, we do not have any responsibility to update the presentation to account for suchchanges.

Certain information in this presentation is based upon management forecasts and reflects prevailing conditions and management’s views as of this date, all ofwhich are subject to change. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy andcompleteness of all information available from public sources or which was provided to us by third parties. The information contained herein is subject to change,completion or amendment and we are not under any obligation to keep you advised of such changes. We make no representation or warranty, express orimplied, with respect to the accuracy, reasonableness or completeness of any of the information contained herein, including, but not limited to, informationobtained from third parties.

The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations.

2

▪ Market-leading and high-performing products

• Casino-owned EGMs generated win per day of ~1.2x(1)

▪ Recurring revenue represents 70% of total revenue(2)

• More than 26,000 EGMs on lease

▪ Growth in free cash flow provides opportunities for high-ROI investments, growth and deleveraging

▪ AGS generates one of the top EGM Adjusted EBITDA margins in the industry, which fund high-ROI growth opportunities

▪ EGM sales provide a tremendous opportunity to expand and diversify product and customer mix

INVESTMENT HIGHLIGHTS

Attractive

Business Model

w/ High-

Performing

Products

▪ Industry-leading game performance drives continued market share growth

▪ Recent ship share gains far in excess of current market share: ~5% U.S. ship share(3)

vs 3.0% market share of a total market of nearly 1 million EGMs.

▪ Substantial whitespace opportunity due to an expansive total addressable market: Grew new licenses and TAM by 82% and 38%, respectfully, since 2014

▪ Emerging product line in large table games market

▪ Real money gaming offers future upside by leveraging land-based content in emerging markets in Europe and U.S.

▪ Meaningful international expansion opportunities in Philippines and South America

Multiple Levers

for Growth

(1) Eilers-Fantini Game Performance Report – April 2020

(2) For LTM 3/31/20

(3) Eilers – Fantini Quarterly Slot Surveys

3

MANAGING COVID-19 IMPACT

▪ Health and safety of our employees and the communities we operate in remains our top priority

▪ Providing employees workplace flexibility and various health resources

▪ Protect our culture amid crisis

▪ Cost savings initiatives and capital expenditure reductions

▪ Labor cost savings through company-wide salary reductions, furloughs, and 10% reduction in

work force

▪ Protecting our renowned employee-centric corporate culture was considered in all

decisions and communications

▪ Suspension of all non-essential spending

▪ Suspension of all non-essential capital expenditures

▪ The company estimates that it has reduced its monthly cash outflows nearly 80% to

approximately $4 million with an additional monthly debt service cost of $3.8 million

▪ 3/19/20 borrowed under the revolving credit facility in the full amount of $30 million

▪ 5/1/20 closed on $95 million incremental term loan and amended the credit agreement to

provide for net first lien leverage ratio covenant relief

▪ Current cash balance of $129 million(1)

Our People

Cash

Preservation

& Controlling

Costs

Balance Sheet

Flexibility

(1) Pro Forma cash balance of $127 million as of 3/31/20

4

12/31/2019 3/31/2020 Adj Pro Forma Rate Maturity

Capitalization

Cash $13 $44 $83 $127

$30 million existing revolver – 30 – 30 L+3.50% 06/06/22

First lien term loan 532 531 – 531 L+3.50% 02/15/24

Incremental term loan – – 95 95 L+13.00% 02/15/24

Other 2 2 – 2

Total first lien debt $534 $562 – $657

Total debt $534 $562 – $657

Total net debt $521 $519 – $530

LTM Adjusted EBITDA $146 $134 – $134

Net leverage 3.6x 3.9x – 4.0x

CAPITAL STRUCTURE OVERVIEW

Capitalization

▪ On March 19, 2020, drew under the revolving credit facility the full amount of $30 million

▪ On May 1st, closed an incremental term loan of $95 million and amended our credit agreement to provide financial covenant relief

▪ Incremental term loan matures in February 2024 with an interest of 1,300 basis points, with a 100 basis point LIBOR floor

5

CORE VALUES

6

ACCOLADES

We are proud of our people, products, and culture and appreciate the fact that we are recognized for the impact we make in all three facets.

2017 - 20192017 - 2019Orion and Bonus Spin STAX Progressive

5%+US AGS employees are veterans

Vegas Inc.Financial Executive of the Year

Manufacturing & Technology

Kimo AkionaChief Financial Officer STAX Progressive

DavidLopezChief Executive Officer

PEOPLE PRODUCTS CULTURE

Starwall

7

PERFORMANCE DRIVEN BY CULTURE OF INNOVATION

David Lopez

Kimo Akiona

Sigmund Lee

Matt Reback

Julia Boguslawski

John Hemberger

TitleYears

Experience

Years at

AGSAGS Drives Innovation Through Its Unique Culture

700+ EMPLOYEESAROUND THE GLOBE

R&D employees represent ~33% of total AGS employees

Kris Morishige

8

AGS COMPANY OVERVIEW

Table Products: $11mm+29% Y-o-Y

$286mm Revenue-3% Y-o-Y

47% Adj. EBITDA margin

$134mm Adj. EBITDA-3% Y-o-Y

LTM 3/31/20Revenue

70% RECURRING REVENUE

EGM: $270mm-3% Y-o-Y

Interactive: $5mm-14% Y-o-Y

CanadaMexico Philippines Brazil

RampingEstablished Early Entry

LTM 3/31/2020

(1)

Prospective

Note: All figures as of LTM 3/31/20. Y-o-Y growth is from LTM 3/31/19 to LTM 3/31/20

(1) Denotes AGS acquired by funds managed by Apollo, not Apollo Global Management itself

FINANCIAL SNAPSHOT SEGMENT BREAKDOWNSIGNIFICANT EGM

WHITESPACE OPPORTUNIY

CORPORATE EVOLUTION

No Gaming

9

$36.7 $23.4

$0.5

$0.9

0.0

25.0

50.0

Q1 2019 Q1 2020

EGM Table Products

$69.7

$50.4

$2.2

$2.5

$1.2

$1.5

50.0

Q1 2019 Q1 2020

EGM Table Products Interactive

Q1 2020 FINANCIAL PERFORMANCE

Note: Adjusted EBITDA allows us to add back certain non-cash charges that are deducted in calculating net income and to deduct certain gains that are included in

calculating net income. However, these expenses and gains vary greatly, and are difficult to predict. They can represent the effect of long-term strategies as opposed to

short-term results. In addition, in the case of charges or expenses, these items can represent the reduction of cash that could be used for other corporate purposes.

Note: Please refer to appendix for Net Income to Adjusted EBITDA reconciliation

REVENUE ADJUSTED EBITDA

$279.4 $270.3

$8.1

$10.5

$5.9

$5.1

250.0

300.0

LTM 3/31/19 LTM 3/31/20

EGM Table Products Interactive

($ in mm) ($ in mm)

Recurring

Revenue

$200.4

Recurring

Revenue

$42.7

$73.0

$54.3

$286.0$293.5

$139.8

$131.4

$1.2

$4.1

120.0

LTM 3/31/19 LTM 3/31/20

EGM Table Products

Interactive: ($3.1) Interactive: ($1.2)

Interactive: ($0.4)

$138.0

$24.5

$36.3

$134.3

Interactive: ($0.9) Interactive: $0.2

10

EGM SEGMENT

11

Class II

12,291

International

8,286

Class III

5,000

VLT

512

EGM SEGMENTSTRONG RECURRING REVENUE BASE WITH COMPETITIVE MARGINS

26,089

Leased

EGMs

47%

32%

19%

Mexico &

Philippines

▪ Second largest Class II Installed Base

▪ High recurring revenue

▪ Strong relationships

▪ High margin business

2%

EGM INSTALLED BASE

Note: Installed base as of 3/31/2020

12

EGM SEGMENT

EGM REVENUE & EGM ADJUSTED EBITDA

$200

$271 $290$270

$108 $137 $145 $131

2017 2018 2019 LTM 3/31/2020

EGM Revenue EGM Adjusted EBITDA

($ in mm)

16,078 16,296 18,368 17,803

7,727 8,3518,497 8,286

2017 2018 2019 3/31/2020

Domestic International

~100% recurring business; ~80% gross profit margin(1)

LEASED EGMs

Note: All financial figures include contributions of Rocket Gaming Systems acquisition in December 2017 and Integrity Gaming Corp. acquisition in February 2019.(1) Gross Profit Margin for leased units = EGM gaming operations revenue less EGM cost of gaming operations, divided by EGM gaming operations revenue for LTM 3/31/2020(2) Gross Profit Margin for sold units defined as EGM equipment sales revenue less costs of equipment sales, divided by EGM equipment sales revenue for LTM 3/31/2020

~50% gross profit margin(2)

2,565

4,387 4,879

4,329

2017 2018 2019 LTM 3/31/2020

SOLD EGMs

26,865 26,08924,64723,805

13

EGM SEGMENT - NEW PRODUCTS FUELING GROWTHEXCITING NEW PRODUCTS IN THE PIPELINE

Pricing Model Premium Lease Only Premium Lease Only Sale & Lease

Year Introduced Q1 2020 Q1 2020 Q2 2020

Installed Base (1) 48 12 N/A

Approx. Fixed

Fees~$50 ~$300 N/A

Selling Price N/A N/A N/A

Steady

release

of game

titles

and

cabinets

Eight-foot premium cabinet gives AGS a competitive curved

portrait option

Large-format LED display for premium

portrait elevates game merchandising

beyond traditional signs, end caps, etc.

High-rise format for premium lease only

merchandised to attract players

Robust product pipeline fuels future growth

Orion Rise Orion 49CStarwall Pipeline

Note: Based on our list price of EGMs

(1) Leased units as of 3/31/20

14

1.3X

1.2X1.0X

1.1X

1.0X 1.0X0.9X

0.8X0.8X

Pe

rfo

rma

nc

e o

ve

r zo

ne

av

era

ge

TOP 25 CORE GAME

@ 1.6 HA

RECENT EGM PERFORMANCE

GAME PERFORMANCE OVERVIEW

▪ 6 R&D studios across the globe to generate industry recognized content

▪ Proven ability to create high-performing content offerings with staying power

(1) Eilers-Fantini Game Performance Report – April 2020

Top Indexing Suppliers – Owned (Domestic Performance)(1)

TOP INDEXING SUPPLIER OVERALL(1)

TOP 25 GROSSING OWNED

GAME

15

FOOTPRINTAGS HAS SIGNIFICANTLY EXPANDED ITS FOOTPRINT, BUT STILL HAS MANY EARLY ENTRY MARKETS TO PENETRATE

75%

5%

9%

11%

CA75,368

NV160,625

UT

AZ17,562

TX3,765

OR19,220

WA31,759

ID3,764

MT17,559

WY1,676

CO15,350

NM20,097

OK75,140

KS8,574

NE662

SD14,798

ND3,989

MN21,505

WI18,113

MI31,126IA

18,818

IL42,940

MO16,246

AR3,504

LA39,998

FL24,090

GAAL6,441

MS28,216

SC

NC4,455TN

KY2,891

IN19,181

OH18,766

WV12,816 MD

11,474

PA24,236

NY35,229

ME1,682

VTNH MA

6,730

CT7,499

RI5,099

DE6,486

MB10,099

RampingEstablished Early Entry Prospective No Casino Gaming

AK90

% of total units

BC15,490

NB2,711

NL1,896

SK7,581

AB20,927

ON25,017

QC16,763

NS2,919

PE505

Note: Eilers: Slot & Table Count – 4Q19

NJ17,742

VA2,149

16

11%

MARKET SHAREAGS IS GROWING MARKET SHARE IN CURRENTLY LICENSED STATES

Note: Market share is calculated based on the # of units on participation plus the cumulative amount of units sold to date and estimated to remain on casino floors(1) Per Eilers & Krejcik - Slot & Table Count - 4Q19(2) Other Early Entry jurisdictions include AR, AZ, CT, DE, ID, IA, IL, KS, MD, MA, MN, ND, NE, NJ, NC, OR, SD, WA, WI, WY and the Canadian provinces of British Columbia, Manitoba, New Brunswick, Nova

Scotia, Prince Edward Island, and Saskatchewan. (3) AGS is not currently licensed in U.S. states of AK, CO, KY, ME, MO, RI, VA, WV and the Canadian province of Newfoundland & Labrador. (4) Ship share is average TTM 3/31/20 ship share Per Eilers& Krejcik

9%

7%

3%

Ship

Share(4)

7%

10%

11%

Market Stage JurisdictionEstimated Total Units in State(1)

AGS Estimated Current Market Share

Established

Alabama 6,441 49.0%

Texas 3,765 36.8%

Oklahoma 75,140 13.3%

Florida 24,090 11.4%

RampingMontana 17,559 2.9%

California 75,368 2.6%

Early Entry

Indiana 19,181 1.9%

Ontario - CAN 25,017 1.7%

New Mexico 20,097 1.6%

Mississippi 28,216 1.5%

New York 35,229 1.5%

Michigan 31,126 1.4%

Louisiana 39,998 1.2%

Nevada 160,625 0.9%

Alberta - CAN 20,927 0.8%

Pennsylvania 24,236 0.6%

Ohio 18,766 0.5%

Other(2) 317,338 1.7%

Prospective Other(3) 58,219 0.1%

Total 1,001,338 3.0%

17

EMERGING SUPPLIERSSMALLER SUPPLIERS GAINING SHARE

20%

17% 16%

25%27%

28%

31%

34%

10%

20%

30%

40%

12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20

Industry consolidation

triggered shift towards Non-

Big-3 suppliers

30%

23%19%

7% 6% 6%2% 2% 2% 0% 0%

3%

Other

Big-3 Non-Big-3

(1) EILERS: Gaming Supplier KPIs - 4Q20. 3/31/20 is based on Eilers estimates.

(2) 1Q20 EILERS-FANTINI Quarterly Slot Survey; expected forward replacement ship share includes route ops

3/31/20

33%

Non-Big-3 Ship Share Increasing as Customers Prefer More Diversification Given Industry Consolidation(1)

North American Expected FORWARD 12-Month Replacement Ship Share(2)

34%

18

EGM - INTERNATIONAL GROWTH

GROW INTERNATIONAL FOOTPRINT (MOSTLY RECURRING REVENUE)

International

Mexico

Philippines

▪ Initial ALORA units currently installed and live

▪ Monitoring initial performance

▪ ~70,000 unit market size

▪ Currently represent ~10% of the Mexico EGM market

▪ ~88,000 unit market size

▪ Low cost optimization of legacy domestic units

Imm

ed

iate

Up

sid

e

▪ Argentina, Peru and Asia represent future opportunities for growth

Brazil

Furt

he

r U

psi

de

▪ Pending legislation could allow up to 500,000+ video bingo machines

▪ Targeting 8,000-10,000 recurring revenue video bingo machines

19

TABLE PRODUCTS SEGMENT

20

▪ Capitalize on trend of

introducing multiple

side-bets on

blackjack tables to

increase the game’s

overall hold

▪ Segment will serve as

important growth

engine by introducing

further cross-selling

opportunities with

EGM offerings

▪ Recently acquired In

Bet Gaming assets

strengthen library

▪ Progressive bonusing

on table products is

growing trend with

substantial growth

opportunity

▪ Improves marketing

and drives slot-style

excitement

▪ Revolutionary Bonus

Spin Xtreme links all

table games within a

casino, including

community games

▪ Dex S single deck

poker shuffler

launched in late 2018;

more than 160

installed and growing

with North American

market opportunity of

+7,000 poker tables

▪ Addresses pent-up

demand for

alternative option in

the shuffler market

▪ Showcased Pax S

single-deck specialty

shuffler at G2E for 2020

launch

▪ Adds excitement,

motion, and attraction

to the table pit and

enhances player

experience

▪ New seasonal displays,

customizable content,

and animated

characters incent

operators to upgrade

outdated technology

TABLE PRODUCTS AT A GLANCE

Premium Games &

Side BetsProgressive Technology Card Shufflers Table Signage

21

$4.1

$7.7

$10.2 $10.5

($0.5)

$0.9

$3.7 $4.1

2017 2018 2019 LTM 3/31/2020

Revenue AEBITDA

TABLE PRODUCTS SEGMENT

Table Products Revenue & AEBITDA Table Products Installed Base and ALP

($ in mm)

2,400

2017 2018 2019 3/31/2020

~55% Side Bets

~35% Progressives

~5% Premium

~5% Other

$167 $218 $230

3,162

ALP:

3,897

$197

3,766

22

INTERACTIVE SEGMENT

23

Pennsylvania

Prospective

Markets

United

Kingdom

New Jersey

INTERACTIVE SEGMENT – RMG OPPORTUNITY

▪ Recently received approval to place slot content with 17 of 20, or 85%of iGaming operators

▪ Currently live with Caesars Entertainment, Golden Nugget, Resorts Digital Gaming, Mohegan Sun, Kindred Group, and Rush Street

▪ Current iGaming market gross revenue of nearly $300M

▪ U.K. iGaming is one of the largest markets with nearly $2.5B in annual iGaming gross revenue

▪ Currently live on operators such as: GVC, Ladbrokes Coral, William Hill, 888, BetVictor and Rank

Imm

ed

iate

Up

sid

e

▪ Pennsylvania, regulated European markets, Canada and Latin America, all represent future opportunities for growth

Fu

rth

er

Up

sid

e

▪ Recently launched into the Pennsylvania market

▪ Currently live with Rush Street and Parx Casino

24

INTERACTIVE SEGMENTINDUSTRY-LEADING CONTENT DRIVES CUSTOMER ENGAGEMENT

▪ Recently launched our RMG platform into Pennsylvania and live with two operators

▪ Our RMG platform now live in New Jersey with six operators

▪ Continued placement of AGS content in the European RMG space with introduction two new titles in Q1, Bonanza Blast and Wolf Queen

▪ Continued costs savings from the restructuring of our social business

($ in mm)

Real Money Gaming (AxSys) Interactive Revenue & AEBITDA

$8.0

$6.6

$4.9 $5.1

($0.4)

($2.1) ($2.4)($1.2)

2017 2018 2019 LTM 3/31/2020

Revenue AEBITDA

25

FINANCIALS

26

AGS’ STRONG FINANCIAL TRACK RECORD OF SUCCESS

$107

$85

$136$146

51% 50% 48% 48% 45%

2016 2017 2018 2019 LTM 3/31/20

Adj. EBITDA margin

$167

$212

$285 $286

2016 2017 2018 2019 LTM 3/31/20

$305

▪ 70% of the $286(1) million total revenue is recurring

• ~80% gross profit margin for leased units(2) and ~50% gross profit margin for sold units(3)

▪ 47% LTM 3/31/20 Total Adjusted EBITDA Margin

($ in mm)

Revenues by Segment 2016 2017 2018 2019 LTM 3/31/20

EGM $156.4 $199.9 $271.0 $289.6 $270.3

Table Products 2.7 4.1 7.7 10.2 10.5

Interactive 7.7 8.0 6.6 4.9 5.1

Adjusted EBITDA by Segment 2016 2017 2018 2019 LTM 3/31/20

EGM $91.7 $107.8 $137.4 $144.7 $131.4

Table Products (1.7) (0.5) 0.9 3.7 4.1

Interactive (4.7) (0.4) (2.1) (2.4) (1.2)

($ in mm)

(1) Total Revenue for LTM 3/31/20

(2) Gross Profit Margin for leased units = EGM gaming operations revenue less EGM cost of gaming operations, divided by EGM gaming operations revenue for LTM 3/31/20

(3) Gross Profit Margin for sold units = EGM equipment sales revenue less EGM cost of equipment sales, divided by EGM equipment sales revenue for LTM 3/31/20

(4) As reported figures

Strong Revenue Growth with Robust Margins

Total Revenue(4) Total Adjusted EBITDA(4)

$134

27

FAVORABLE CASH FLOW DYNAMICS INVESTMENTS

▪ Total Adj. EBITDA – one of the

industries leading Adj. EBITDA

margin of 47% (1)

▪ Cash taxes – significant NOLs of

over $100 million and high D&A

results in minimal cash taxes

▪ Maintenance capex – low

refurbishment obligations on

existing installed base

PRODUCE HIGH DISCRETIONARY CASH FLOW AND PERMIT ATTRACTIVE ROI

Favorable Cash Flow Drivers

▪ Growth capex – builds recurring

revenue base by placing

higher yielding leased cabinets

with highly compelling ROIs

▪ Intangibles – primarily

capitalized R&D that facilitates

cutting edge hardware and

content development

Strong cashflow

for high-ROI

investments, growth

and deleveraging

(1) Adjusted EBITDA margin for LTM 3/31/2020

28

SUMMARIZING THE AGS OPPORTUNITY

Attractive high-margin, recurring revenue model1

Pure-play casino gaming supplier with outsized growth potential2

Capitalizing on strong Class II position while continuing to penetrate Class III markets3

Strong free cash flow generation allows for reinvestment in business at attractive ROIs4

Industry-leading R&D platform in both hardware and content5

Diversified product suite6

Proven ability to successfully integrate acquisitions and scale the platform7

Growth from international expansion in Philippines, Brazil and other markets8

29

APPENDIX

30

More than 9,200 units installed

36 titles available

Rakin’ Bacon – 1.6x vs HA(1)

(1) Eilers-Fantini Game Performance Report April 2019

31

48 units installed

Launched in Q1 2020

Premium offering to drive leases

32

Launched in Q1 2020

12 units installed

Premium offering to drive leases

33

49” curved LCD 4K portrait monitor

420 game-controlled LED lights

Ergonomic button deck

Scheduled launch – Q2 2020

For sale, lease, or participation

34

More than 2,600 units installed

74 titles available

(1) Eilers-Fantini Game Performance Database October 2019 TTM

35

More than 600 units installed

64 titles available

36

CONSOLIDATED OPERATIONAL SUMMARY

($ in mm, except RPD, ASP, and ALP)

Operational and other data Q1 Q2 Q3 Q4 2018 Q1 Q2 Q3 Q4 2019 Q1 LTM 3/31/20

Revenues by segmentEGM $61.3 $69.3 $71.8 $68.7 $271.0 $69.7 $71.0 $75.3 $73.7 $289.6 $50.4 $270.3Table products 1.7 1.8 2.1 2.1 7.7 2.2 2.4 2.9 2.8 10.2 2.5 10.5Interactive 1.9 1.7 1.7 1.3 6.6 1.2 1.1 1.2 1.3 4.9 1.5 5.1Total revenue $64.9 $72.8 $75.5 $72.1 $285.3 $73.0 $74.5 $79.4 $77.8 $304.7 $54.3 $286.0

Adjusted EBITDA by segmentEGM $34.3 $36.9 $34.0 $32.2 $137.4 $36.7 $35.5 $35.8 $36.6 $144.7 $23.4 $131.4

% margin 56.0% 53.2% 47.4% 46.9% 50.7% 52.7% 50.1% 47.6% 49.7% 50.0% 46.4% 48.6%Table products 0.2 0.1 0.4 0.3 0.9 0.5 0.8 1.4 1.0 3.7 0.9 4.1Interactive 0.0 (0.4) (0.9) (0.9) (2.1) (0.9) (0.6) (0.4) (0.4) (2.4) 0.2 (1.2)Total Adjusted EBITDA $34.5 $36.6 $33.6 $31.5 $136.2 $36.3 $35.7 $36.8 $37.3 $146.1 $24.5 $134.3

% margin 53.2% 50.2% 44.5% 43.8% 47.7% 49.6% 48.0% 46.3% 47.9% 47.9% 45.1% 47.0%

EGM segmentVLT 1,217 1,217 1,217 797 797 667 517 517 512 512 512 512 Class II 12,254 12,206 11,477 11,790 11,790 12,191 12,154 12,355 12,415 12,415 12,291 12,291 Class III 3,082 3,224 3,374 3,709 3,709 5,940 5,750 5,852 5,441 5,441 5,000 5,000 Domestic installed base 16,553 16,647 16,068 16,296 16,296 18,798 18,421 18,724 18,368 18,368 17,803 17,803 International installed base 7,480 7,876 8,116 8,351 8,351 8,510 8,596 8,668 8,497 8,497 8,286 8,286 Total installed base 24,033 24,523 24,184 24,647 24,647 27,308 27,017 27,392 26,865 26,865 26,089 26,089

Installed base, Oklahoma 7,066 7,077 7,048 7,643 7,643 10,193 10,083 10,503 10,171 10,171 9,745 9,745 Installed base - non-Oklahoma 9,487 9,570 9,020 8,653 8,653 8,605 8,338 8,221 8,197 8,197 8,058 8,058 Domestic installed base 16,553 16,647 16,068 16,296 16,296 18,798 18,421 18,724 18,368 18,368 17,803 17,803

Domestic RPD $26.72 $27.79 $27.14 $26.41 $27.02 $26.42 $26.16 $25.08 $24.97 $25.65 $21.08 $24.34International RPD $8.27 $8.80 $8.52 $8.07 $8.41 $8.68 $8.22 $7.99 $7.65 $8.13 $6.89 $7.65Total RPD $20.94 $21.77 $20.95 $20.20 $20.96 $20.73 $20.49 $19.68 $19.52 $20.10 $16.57 $19.08

Domestic EGM units sold 792 1,058 1,332 1,159 4,341 1,024 1,053 1,350 1,173 4,600 426 4,002International EGM units sold 46 – – – 46 – 128 41 110 279 38 317Total EGM units sold 838 1,058 1,332 1,159 4,387 1,024 1,181 1,391 1,283 4,879 464 4,319

Domestic avg sales price $17,898 $18,728 $18,051 $18,782 $18,383 $18,657 $18,178 $18,476 $17,833 $18,302 $17,564 $18,112

Table products segmentTable products installed base 2,631 2,737 3,065 3,162 3,162 3,285 3,380 3,601 3,766 3,766 3,897 3,897Avg monthly lease price $220 $213 $214 $224 $218 $217 $230 $232 $239 $230 $197 $224

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TOTAL ADJUSTED EBITDA RECONCILIATION

▪ Write-downs and other include items related to loss on disposal or impairment of long lived assets, and fair value adjustments to contingent consideration

▪ Loss on extinguishment and modification of debt primarily relates to the refinancing of long-term debt, in which deferred loan costs and discounts related to old senior secured credit facilities were written off

• Other adjustments are primarily composed of professional fees incurred for projects, corporate and public filing compliance, contract cancellation fees and other transaction costs deemed to be non-operating in nature

▪ Other non-cash charges are costs related to non-cash charges and losses on the disposition of assets, non-cash charges on capitalized installation and delivery, which primarily includes the costs to acquire contracts that are expensed over the estimated life of each contract and non-cash charges related to accretion of contract rights under development agreements

▪ New jurisdiction and regulatory license costs relate primarily to one-time non-operating costs incurred to obtain new licenses and develop products for new jurisdictions

▪ Legal & litigation expenses include payments to law firms and settlements for matters that are outside the normal course of business

▪ Acquisition & integration costs include restructuring and severance and are related to costs incurred after the purchase of businesses, such as the acquisitions of Rocket and Gameiom, to integrate operations

▪ Non-cash stock compensation includes non-cash compensation expense related to grants of options, restricted stock, and other equity awards

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($ in mm)

Adj. EBITDA reconciliation Q1 Q2 Q3 Q4 2018

Net loss attributable to PlayAGS, Inc. ($9.5) ($5.3) $4.3 ($10.3) ($20.8)

Income tax expense (benefit) (12.4) 7.0 (3.5) 0.6 (8.4)

Depreciation and amortization 19.3 19.5 19.0 19.8 77.5

Other (income) expense 9.2 0.5 0.4 0.4 10.5

Interest income (0.1) (0.0) (0.1) (0.0) (0.2)

Interest expense 10.4 8.9 9.0 9.4 37.6

Write downs and other 1.6 1.0 0.7 5.5 8.8

Loss on extinguishment and modification of debt 4.6 – – 2.0 6.6

Other adjustments 0.4 0.9 0.9 0.2 2.4

Other non-cash charges 1.6 1.6 1.7 1.7 6.6

New jurisdiction and regulatory licensing costs – – – – –

Legal & litigation expenses including settlement payments – 0.8 (0.0) 0.2 1.0

Acquisition & integration related costs 1.2 1.2 0.7 0.5 3.6

Non-cash stock compensation 8.2 0.5 0.5 1.8 10.9

Adjusted EBITDA $34.5 $36.6 $33.6 $31.5 $136.2

($ in mm)

Adj. EBITDA reconciliation Q1 Q2 Q3 Q4 2019

Net (loss) income attributable to PlayAGS, Inc. ($0.1) ($7.6) ($5.5) $1.4 ($11.8)

Income tax (benefit) expense (5.8) (0.1) 1.9 (1.6) (5.4)


Other expense (income) 5.3 (0.0) (0.1) (0.5) 4.6

Interest income (0.0) (0.0) 0.0 (0.1) (0.2)



Loss on extinguishment and modification of debt – – – – –




Legal & litigation expenses including settlement payments – 0.0 1.7 0.1 1.8



Adjusted EBITDA $36.3 $35.7 $36.8 $37.3 $146.1

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TOTAL ADJUSTED EBITDA RECONCILIATION

▪ Write-downs and other include items related to loss on disposal or impairment of long lived assets, and fair value adjustments to contingent consideration

▪ Loss on extinguishment and modification of debt primarily relates to the refinancing of long-term debt, in which deferred loan costs and discounts related to old senior secured credit facilities were written off

• Other adjustments are primarily composed of professional fees incurred for projects, corporate and public filing compliance, contract cancellation fees and other transaction costs deemed to be non-operating in nature

▪ Other non-cash charges are costs related to non-cash charges and losses on the disposition of assets, non-cash charges on capitalized installation and delivery, which primarily includes the costs to acquire contracts that are expensed over the estimated life of each contract and non-cash charges related to accretion of contract rights under development agreements

▪ New jurisdiction and regulatory license costs relate primarily to one-time non-operating costs incurred to obtain new licenses and develop products for new jurisdictions

▪ Legal & litigation expenses include payments to law firms and settlements for matters that are outside the normal course of business

▪ Acquisition & integration costs include restructuring and severance and are related to costs incurred after the purchase of businesses, such as the acquisitions of Rocket and Gameiom, to integrate operations

▪ Non-cash stock compensation includes non-cash compensation expense related to grants of options, restricted stock, and other equity awards

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($ in mm) LTM

Adj. EBITDA reconciliation Q2 '18 Q3 '18 Q4 '18 Q1 '19 3/31/19

Net loss attributable to PlayAGS, Inc. ($5.3) $4.3 ($10.3) ($0.1) ($11.4)

Income tax expense (benefit) 7.0 (3.5) 0.6 (5.8) (1.8)


Other (income) expense 0.5 0.4 0.4 5.3 6.6

Interest income (0.0) (0.1) (0.0) (0.0) (0.2)



Loss on extinguishment and modification of debt – – 2.0 – 2.0




Legal & litigation expenses including settlement payments 0.8 (0.0) 0.2 – 1.0



Adjusted EBITDA $36.6 $33.6 $31.5 $36.3 $138.0

($ in mm) LTM

Adj. EBITDA reconciliation Q2 '19 Q3 '19 Q4 '19 Q1 '20 3/31/20

Net (loss) income attributable to PlayAGS, Inc. ($7.6) ($5.5) $1.4 ($14.4) ($26.1)

Income tax (benefit) expense (0.1) 1.9 (1.6) (3.4) (3.2)


Other expense (income) (0.0) (0.1) (0.5) 4.3 3.7

Interest income (0.0) 0.0 (0.1) (0.1) (0.1)



Loss on extinguishment and modification of debt – – – – –




Legal & litigation expenses including settlement payments 0.0 1.7 0.1 – 1.8



Adjusted EBITDA $35.7 $36.8 $37.3 $24.5 $134.3

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FREE CASH FLOW RECONCILIATION

($ in 000’s) Q2 '19 Q3 '19 Q4 '19 Q1 '20 LTM 3/31/20

Free Cash Flow Reconciliation

Net cash provided by operating activities 26,020$ 24,806$ 25,508$ 18,809$ 95,143$

Purchase of intangible assets (2,719) (976) (1,369) (699) (5,763)

Software development and other expenditures (3,630) (3,658) (4,393) (3,756) (15,437)

Purchases of property and equipment (8,714) (14,941) (11,660) (6,150) (41,465) Free Cash Flow 10,957$ 5,231$ 8,086$ 8,204$ 32,478$

▪ Purchase of intangible assets include cash paid for placement fee arrangements securing floor space on long-term contracts

▪ Software development and other expenditures is driven primarily by capitalized R&D costs related to new product development

▪ Purchases of property plant and equipment includes growth capex relating to new EGM lease placements, optimization of the EGM installed base, maintenance capex as well as capitalized corporate expenses.

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TERMS USED IN THIS PRESENTATION

▪ Average Monthly Lease Price (ALP): Average monthly lease price is calculated by dividing (a) total revenues recognized and directly attributable to Table Products by (b) the number of Table Products Installed Base and by (c) the number of months in such period.

▪ Average Sales Price (ASP): Average sales price is calculated by dividing (a) total revenues recognized and directly attributable to EGM unit sales in a period by (b) the number of EGM units sold over that same period.

▪ EGM Installed Base: EGM Installed Base is the number of recurring revenue EGM units installed on a specified date.

▪ Electronic Gaming Machine (EGM): EGMs include but are not limited to slot machines, Class II machines, video poker and video lottery machines.

▪ House Average (HA): House average is the average casino win from slot machines or table products.

▪ Revenue Per Day (RPD): RPD is calculated by dividing (a) total revenues over a specified period recognized and directly attributable to units on lease (whether on a participation or daily fee arrangement) by (b) the number of units installed over that period and by (c) the number of days in such period.

▪ Ship Share: Ship Share is the share of all slots sold in a specified period.

▪ Table Products Installed Base: Table Products Installed Base is the number of table products installed on a specified date.

▪ TAM: Total addressable markets are markets in which we are currently licensed, or could be licensed with minimal effort, to place EGMs in the United States and Canada.

▪ Win Per Day (WPD): WPD is the total revenue generated by an EGM per day.

Unless otherwise indicated or the context otherwise requires, the following terms in this presentation have the meanings set forth below:

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