#1DRAFT KINGS THE GAME. THE GAME INSIDE Q1 2021 EARNINGS PRESENTATION MAY 7, 2021 PARTS ★ PATRIOTS 12#2LEGAL DISCLAIMER Forward-Looking Statements and Non-GAAP Financial Measures This presentation, and the accompanying oral presentation, contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this presentation, including statements regarding guidance, our future results of operations or financial condition, business strategy and plans, user growth and engagement, product initiatives, and objectives of management for future operations, and the impact of the COVID-19 pandemic on our business and the economy as a whole, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "forecast," "going to," "intend," "may," "plan," "potential," "predict," "project," "propose", "should," "target," "will," or "would" or the negative thereof or comparable terminology, or by discussions of vision, strategy or outlook. We caution you that the foregoing may not include all of the forward-looking statements made in this presentation. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this presentation on our current expectations and projections about future events and trends, including the ongoing COVID-19 pandemic, that we believe may affect our business, financial condition, results of operations, and prospects. These forward-looking statements are subject to risks, uncertainties, and other factors, including those described in our filings with the Securities and Exchange Commission (the "SEC"), which are available on the SEC's website at www.sec.gov. In addition, the forward-looking statements in this presentation relate only to events as of the date on which the statements are made and are based on information available to us as of the date of this presentation. We undertake no obligation to update any forward-looking statements made in this presentation to reflect events or circumstances after the date of this presentation or to reflect new information or the occurrence of unanticipated events, including future developments related to the COVID-19 pandemic, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions or investments. This presentation includes certain non-GAAP financial measures. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance investors' overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. generally accepted accounting principles ("GAAP"). A reconciliation of GAAP to non-GAAP is provided in the appendix of this presentation.#3Q1 AND CURRENT BUSINESS HIGHLIGHTS $312M of revenue in Q1 driven by strong customer acquisition and retention as well as new state launches in Michigan and Virginia 2 Continued to establish DraftKings as the leading product and content innovator in online gaming 3 Completed convertible note offering, bolstering balance sheet with $1.1BN+ in net proceeds (1) Used robust balance sheet to acquire Vegas Sports Information Network ("VSIN") and Blue Ribbon Software Year over year Q1 pro forma revenue includes SBTech in Q1 2020 to improve comparison. 175% YoY pro forma revenue growth in Q1(¹1) Launched Sports betting information channels with SLING TV No Dilution Until $135.50 per share Expanded Media presence and content capabilities 48% / 114% YOY B2C ARPMUP / MUPS growth in Q1 Launched First Spanish 21 iGaming offering in the U.S. 0% Coupon rate Strengthened Product and technology depth#4SLING TV AND SPANISH 21 ARE SOME OF OUR LATEST PRODUCT AND CONTENT INNOVATIONS SLING TV AND DRAFTKINGS COLLABORATION SLING TV and DraftKings teamed up to launch exclusive sports betting information channels Customers can currently view real-time game scores and betting odds on the DraftKings Basketball channel DraftKings Baseball and DraftKings Hockey channels have also launched Expands on existing agreement with Dish Network which brought the first-of-its-kind and patent-pending OSB app integration onto the DISH TV Hopper platform IGAMING INNOVATION DraftKings continues to build differentiated iGaming content to increase customer engagement In April, we launched Spanish 21, a unique DraftKings-built casino game that no other operator currently offers Spanish 21 is a popular blackjack variant where a natural total of 21 on the first two cards always wins and is paid whether or not the dealer has a blackjack Currently available in NJ and expanding to MI, PA, and WV with regulatory approval H SLING TV DraftKings Sports Betting Information Channels TOTAL PTS O 48.5 U 48.5 LIVE 13:15 4th 106 CHI Bulls LA Lakers DRAFTKINGS Get a FREE $50 bet! Sign up at draftkings.com today Use promo code SLING at checkout N POINT SPREAD -3 +3 NBA SCORES 4th 08:54 Min Bet-$1 Max Bet-$7,000 Balance: $1988 TOTAL POINTS O 224 U 224 SUPER BONUS 10 Spa LOS ANGELES 8 97 BONUS 21 PAYOFFS MONEYLINE 7-8 Med Pays 22 -143 +123 DraftKings Spanish 21 Odds are subject to change PLUSI Get a deposit SCAN OR CODE TO SIGN UP INSURANCE DEALER MUST DRAW ON 16 AND STAND ON ALL 17's BLACKJACK PAYS 3 to 2 2 to 1 PAYS CHA 67 MIN 45 2nd 06:34 LAC 103 ORL 98 4th 02:23 21- E DEALE SPREAD ATL -3.0 BKN +3.0 1:00 PM ET CHA -3.0 MEM +3.0 1:00 PM ET -3.0 HOU MIL +3.0 1:00 PM ET OKC -3.0 DET +3.0 1:00 PM ET O 48.5 U 48.5 O 48.5 U 48.5 O 48.5 U 48.5 MONEY -157 +138 DRAFT KINGS -157 +138 -157 +138 -157 +138 sling An Official Sportsbook Partner of Sling LAC 103 ORL 98 CTULE DOS SPLI STAND A HIT 3#5WE WILL LAUNCH FIRST-OF-ITS-KIND SOCIAL FUNCTIONALITY IN THE COMING WEEKS COMMENTING 9:41 HOME POPULAR A Home Whats Happening? us-user-8 now sezz March 17, 2021 #gethistrending fella! us-user-8 FRIENDS 9 I love every game in the tournament, reply here if you love college hoops! Say something... RG Say something... (0) sezz socialez5 DEPOSIT REQUESTS a 0 comments 0 E (0 My Bets PRIVA Post All Sports ⠀ 0 comments Post ⠀ Post Promos ||| 9:41 HOME Q Home FRIENDS POPULAR 8 Friends dk-user or real name dezz 2 Friends freshuser1 3 Friends sedz10 sedz 10 us-user-8 sezz sezz 12 Friends us-user-100 4 Friends In-Game FRIENDS RG Connect Friends E My Bets all REQUESTS PRIVA DEPOSIT ✓ Friends Y ✓ Friends Y ✓ Friends ✓ Friends All Sports ✓ Friends ▾ Mi Promos < • NOTIFICATIONS 9:41 RG freshuser1 accepted your friend request 21h us-user-8 freshuser1 sent you a friend request 21h freshuser1 sent you a friend request ● 21h DEPOSIT us-user-58 has requested to join your private contest March 26, 2021 freshuser1 has requested to join your private contest March 26, 2021 A Home us-user-58 has requested to join your private contest March 25, 2021 In-Game us-user-58 has accepted your request to join their private contest March 23, 2021 E My Bets All Sports Promos ||| ✓ 9:41 < 9 8 BET SHARING FEED 6 A Home us-user-8 Edit Profile us-user-8 now Whats Happening? us-user-8 BETTING us-user-8 56m I just placed a bet on 'Denver Broncos-Including Overtime (Denver Broncos @ ARI Cardinals)' @freshuser1 @dezz OPEN Denver Broncos Including Overtime Dec 05, 2019, 11:42:42AM Say something.... In-Game RG E My Bets 2 DEPOSIT - All Sports ☆ FANTASY Post 0 comments ⠀ Post Promos < 9:41 FEED PROFILE Example user 12 Friends 10 Mutual Boston sports fan boston draftkings.com A Home Example user & RG BETTING ✔Friends Write to ethan haskell In-Game Example user April 30, 2021 Betting the #Celtics every night until the playoffs OPEN BOS Celtics -4.5 Point Spread Apr 30, 2021, 1:23:28PM Say something E My Bets FANTASY DraftKings Social allows users to chat, join contests, share bets and follow/join on another's action across DFS and OSB products DEPOSIT 29 FRIENDS (0) All Sports Post 1 0 comments Post Promos#6VSIN AND BLUE RIBBON EXPAND OUR TAM AND POTENTIALLY WILL IMPROVE OUR MARKET SHARE AND UNIT ECONOMICS TAM Market Share Unit Economics VSIN Multi-platform media company dedicated to sports betting news, analysis & proprietary data. Creates and distributes content via O&O sites/apps and partner platforms Entry into nascent U.S. sports-betting media industry Complements OSB product; ability to offer differentiated / integrated OSB content down the road Channel for OSB customer acquisition and engagement b blueribbon B2B jackpot promotion and gamification software that sits on top of online gaming platforms & content; highly bespoke jackpot variants can be tied to any gaming content or vertical Accelerator of already fast-growing iGaming TAM Proprietary technology creates unique high reward "Jackpot" experience across all product offerings Frequent jackpots proven to create an exciting gaming environment that improves customer retention 01 5#7THE GAME DRAFT INSIDE KINGS THE GAME. APPENDIX 7#8RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES ($ in millions) GAAP Operating Expenses Cost of Revenue Sales and Marketing General and Administrative Product and Technology Total GAAP Operating Expenses Pro-Forma Operating Expense Adjustments Cost of Revenue Sales and Marketing General and Administrative Product and Technology Total Pro-Forma Operating Expense Adjustments Non-GAAP Operating Expense Adjustments Cost of Revenue Sales and Marketing General and Administrative Product and Technology Total Non-GAAP Operating Expense Adjustments Adjusted Pro-Forma Operating Expenses Cost of Revenue Sales and Marketing General and Administrative Product and Technology Total Adjusted Operating Expenses (1) (a) (b) (d) (a) (d) (a) (c) (d) (e) (f) (a) (d) 31-Mar-21 $183 $229 $169 $56 $637 ($1) ($19) ($7) ($9) ($0) ($122) ($3) ($1) ($1) ($2) ($20) ($1) ($186) $157 $220 $41 $34 $452 31-Dec-20 $159 $192 $173 $66 $591 ($1) ($18) ($6) ($7) ($0) ($116) ($2) ($1) ($1) ($1) ($25) ($2) ($180) $134 $184 $52 $39 $410 30-Sep-20 $97 $203 $127 $54 $481 ($0) ($19) ($6) ($12) ($0) ($83) ($4) ($1) ($2) ($2) ($22) ($1) ($151) $72 $191 $36 $31 $330 30-Jun-20 $47 $46 $107(1) $31 $231 $6 $1 $9 $6 $22 ($0) ($18) ($4) ($3) ($0) ($54) ($25)(1) ($1) ($2) ($3) ($8) ($1) ($119) $32 $43 $33 $27 $135 31-Mar-20 $43 $54 $39(1) $18 $155 $25 $4 $5 $12 $46 ($18) ($4) ($0) ($0) ($4) ($6)(1) ($1) ($1) ($0) ($0) ($1) ($35) $47 $57 $33 $28 $165 (a) Stock-based compensation expense (b) Amortization of acquired intangible assets (c) Transaction expenses (d) Depreciation & Amortization (e) Litigation (f) Other Pursuant to the principles of Article 11 of Regulation S-X, the transaction costs related to the Business Combination have been eliminated in calculating our Pro-Forma Operating Expenses in Proforma Adjusted EBITDA tables in our 10K for the twelve months ended December 31, 2020. These costs were approximately $31mm for the twelve months ended December 31, 2020 and are included in our GAAP Operating Expenses on this page.#9NON-GAAP ADJUSTED EARNINGS PER SHARE BUILD $(0.87) THREE MONTHS ENDED MARCH 31, 2021 - ADJUSTED EARNINGS PER SHARE BRIDGE GAAP Reported EPS $0.38 Stock Based Compensation $0.08 Other Non-GAAP Adj. (¹) Note: Weighted average number of shares used to calculate Adjusted EPS for the Q1 2021 period was 397.6mm. (1) Other non-GAAP adj includes non-cash impact of re-measurement of warrant liabilities. $0.05 Amort. of Acq. Intangibles $(0.36) Adjusted EPS ∞#10PRO FORMA DRAFTKINGS P&L AND ADJUSTED EBITDA RECONCILIATION Pro Forma Adjusted EBITDA We define and calculate Pro Forma Adjusted EBITDA as pro forma net loss (giving effect to the Business Combination as if it were consummated on January 1, 2019) before the impact of interest income or expense, income tax expense or benefit and depreciation and amortization, and further adjusted for the same items as Adjusted EBITDA. (1) (2) (3) (4) (5) (in thousands) Revenue Cost of revenue Sales and marketing Product and technology General and administrative Loss from operations Interest income (expense), net Loss on remeasurement of warrant liabilities Loss before income tax benefit Income tax benefit Loss from equity method investment Net Loss Adjusted For Depreciation and amortization (excluding acquired intangibles) Amortization of acquired intangibles Interest (income) expense, net Income tax benefit Stock-based compensation(¹) Transation related costs (2) Litigation, settlement, and related costs (3) Loss on remeasurement of warrant liabilities Other non-recurring costs and special project costs (4) Other non-operating costs Adjusted EBITDA (5) Three months ended March 31, 2021 2020 312,276 183,225 228,686 56,159 168,997 (324,791) 985 (26,980) (350,786) (4,595) 153 (346,344) 9,062 19,131 (985) (4,595) 151,843 3,023 622 26,980 1,848 153 (139,262) 113,445 68,458 57,273 29,742 39,140 (81,168) (2,798) (83,966) (2,088) 203 (82,081) 5,552 17,699 2,798 (2,088) 4,858 1,330 129 203 (51,600) The amounts for the three months ended March 31, 2021, primarily reflect stock-based compensation expenses resulting from the issuance of awards under long-term incentive plans and, for the three months ended March 31, 2020, primarily reflects stock-based compensation expenses resulting from the issuance of awards under time-based, performance-based and long-term incentive plans. Includes capital markets advisory, consulting, accounting and legal expenses related to evaluation, negotiation and integration costs incurred in connection with transactions and offerings. The transaction costs related to the Business Combination described in footnote 12 to the preceding table have been eliminated in calculating our pro forma net income for the three months ended March 31, 2020 pursuant to the principles of Article 11 of Regulation S-X. Includes primarily external legal costs related to litigation and litigation settlement costs deemed unrelated to our core business operations. Includes primarily consulting, advisory and other costs relating to non-recurring items and special projects. Includes our equity method share of the investee's losses.#11DRAFTKINGS P&L AND ADJUSTED EBITDA RECONCILIATION Adjusted EBITDA We define and calculate Adjusted EBITDA as net loss before the impact of interest income or expense, income tax expense and depreciation and amortization, and further adjusted for the following items: stock-based compensation, transaction-related costs, litigation, settlement and related costs and certain other non- recurring, non-cash and non-core items, as described in the footnotes to the reconciliation. (1) (2) (3) (5) (in thousands) Revenue Cost of revenue Sales and marketing Product and technology General and administrative Loss from operations Interest income (expense), net Loss on remeasurement of warrant liabilities Loss before income tax (benefit) provision Income tax (benefit) provision Loss from equity method investment Net Loss Adjusted For Depreciation and amortization (excluding acquired intangibles) Amortization of acquired intangibles Interest (income) expense, net Income tax (benefit) provision Stock-based compensation(¹) Transation related costs (²) Litigation, settlement, and related costs (3) Loss on remeasurement of warrant liabilities Other non-recurring costs and special project costs (4) Other non-operating costs Adjusted EBITDA (5) Three months ended March 31, 2021 2020 Includes primarily external legal costs related to litigation and litigation settlement costs deemed unrelated to our core business operations. Includes primarily consulting, advisory and other costs relating to non-recurring items and special projects. Includes our equity method share of the investee's losses. 312,276 183,225 228,686 56,159 168,997 (324,791) 985 (26,980) (350,786) (4,595) 153 (346,344) 9,062 19,131 (985) (4,595) 151,843 3,023 622 26,980 1,848 153 (139,262) 88,542 43,416 53,706 18,041 39,496 (66,117) (2,351) (68,468) 9 203 (68,680) 4,704 2,351 9 4,842 5,652 1,330 - 129 203 (49,460) The amounts for the three months ended March 31, 2021 primarily reflect stock-based compensation expenses resulting from the issuance of awards under long-term incentive plans and, for the three months ended March 31, 2020, primarily reflects stock-based compensation expenses resulting from the issuance of awards under time-based, performance-based and long-term incentive plans. Includes capital markets advisory, consulting, accounting and legal expenses related to evaluation, negotiation and integration costs incurred in connection with transactions and offerings, including those relating to the Business Combination for the three months ended March 31, 2020. | 10#12DRAFTKINGS KPI COMPARISON OVER TIME B2C KEY PERFORMANCE INDICATORS Monthly Unique Payers ("MUPS") We define MUPs as the number of unique paid users per month who had a paid engagement (i.e., participated in a real-money DFS contest, sports bet or casino game) across one or more of our product offerings via our platform - MUPS is a key indicator of the scale of our user base and awareness of our brand We believe that growth of our MUP base is generally indicative of our long-term revenue growth potential of our B2C segment although MUPs in individual periods may be less indicative of our longer-term expectations Average Revenue per MUP ("ARPMUP") We define and calculate ARPMUP as the average monthly revenue for a reporting period, divided by average MUPs (i.e., the average number of unique payers) for the same period ARPMUP represents our ability to drive usage and monetization of our product offerings We use ARPMUP to analyze comparative revenue growth and measure customer monetization and engagement trends Average Monthly Unique Payers ("MUPS") (Users in 000s) Average Revenue per MUP ("ARPMUP") Three months ended March 31, 2021 1,542 $61 2020 720 $41#13DKNG SHARE COUNT BUILD (Shares in thousands) Total Capitalization Common Shares Outstanding (31-March-21) Vested Stock Options @ TSM(1) Memo: Vested Stock Options Diluted Shares Outstanding (With Vested Stock Options @ TSM) DEAC Private Placement Warrants (2) Fully Diluted Shares Outstanding (With Vested Stock Options @ TSM) Note: Table does not include Class B shares, which have no economic or participating rights. Excludes any potential dilution from performance-based options and RSUS. Based on Treasury Stock Method ("TSM"); assumes DKNG share price as of 5-May-2021 and strike price of $3.23 per share. Based on TSM; assumes DKNG share price as of 5-May-2021 and strike price of $11.50 per warrant. (1) (2) 399,892 27,660 29,344 427,552 1,441 428,993 | 12