DraftKings Results Presentation Deck

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May 2022

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#1DRAFT THE GAME KINGS THE GAME. INSIDE Q1 2022 EARNINGS PRESENTATION MAY 6, 2022 ABD#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, including statements about DraftKings Inc. ("DraftKings", the "Company", "we", "us" and "our") and its industry that involve substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this presentation or included as part of the accompanying oral presentation, including statements regarding guidance, our future results of operations or financial condition, business strategy and plans, user growth and engagement, product initiatives, objectives of management for future operations, and the impact of COVID-19 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 primarily 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 not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important 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 contained in this presentation or included as part of the accompanying oral 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, which we use to supplement our results presented in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures, which may not be comparable to other similarly titled measures of performance 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 GAAP. A reconciliation of non-GAAP financial measures to their most directly comparable financial measures calculated in accordance with GAAP are provided in the appendix of this presentation. 1#3Q1 AND CURRENT BUSINESS HIGHLIGHTS 3 $417M of revenue in Q1 driven by strong customer acquisition, increased customer engagement, and healthy customer retention 2 Industry-leading(1) product made strides Launched OSB in New York and Louisiana; launched DKNG branded OSB in Oregon Continued to operationalize initiatives to drive already excellent player retention (1) 44% YOY B2C revenue growth in Q1 Expanded Breadth of OSB micro and same game parlay markets Live In 36% of the U.S. Population for OSB Launched In-house (end to end) NFT capabilities In April, Eilers & Krejcik published its Q1 U.S. Sports Betting App ranking report. DraftKings was tied for #1 overall ranking out of 41 sports betting apps. 29% / 11% YOY B2C MUPS/ARPMUP growth in Q1 Launched Formula 1 and new USFL daily fantasy sports contests Live In 11% of the U.S. Population for iGaming Launched DraftKings Social betting groups 2#4RAISING FULL YEAR 2022 REVENUE AND ADJUSTED EBITDA GUIDANCE $1,925 FULL YEAR 2022 REVENUE GUIDANCE MIDPOINT BRIDGE ($ IN MILLIONS) - $(25) - $32 -$43 $1,975 Prior Guidance Midpoint Lower Than Forecast Q1 Hold Organic Q1 Outperformance Q2-Q4 Outlook Raise New Guidance Midpoint (¹) Note: DraftKings expects the acquisition of Golden Nugget Online Gaming, Inc. (which was consummated on May 5, 2022), together with the Company's expected launch in Ontario in the second quarter of 2022, to contribute an additional $130M to $150M in revenue and negative $50 million to negative $70 million in Adjusted EBITDA in fiscal year 2022. (1) New guidance is comparable to the guidance provided by DraftKings on February 18, 2022 in that it does not include new jurisdictions or the acquisition of Golden Nugget Online Gaming, Inc. I 3#5OUR NEW ESG REPORT FOCUSED ON RESPONSIBLE GAMING, HUMAN CAPITAL MANAGEMENT AND ENVIRONMENTAL STEWARDSHIP RESPONSIBLE GAMING Our top priority is to make sure our customers play safely and responsibly At DraftKings, responsibility is our cultural GPS. We dutifully invest in people, processes, and technology to promote responsible gaming. Our Responsible Gaming focus is built on technology, a robust set of Responsible Gaming tools embedded in our products, staff training, consumer education, and support of evidence-based research HUMAN CAPITAL MANAGEMENT Well-being and vitality of our employees and the communities in which they work remained front and center DraftKings has initiated efforts in support of the tragic situation currently unfolding in Ukraine and continued to take action to protect our employees' health in response to the ongoing COVID-19 pandemic Additionally, we continued to invest in our Inclusion, Equity, and Belonging program ENVIRONMENTAL STEWARDSHIP DraftKings is committed to addressing global sustainable development challenges, including climate change To further our progress in aligning with the UN SDGs, DraftKings' work on environmental sustainability centered on funding the planting of 1 million trees in coordination with the Arbor Day Foundation The U.S. tree plantings are estimated to contribute more than 667,000 metric tons of carbon avoided and sequestered, 2,800 tons of air pollution avoided and removed, and 699 million gallons of runoff avoided#6THE GAME DRAFT INSIDE KINGS THE GAME. APPENDIX 7#7RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES ($ in millions) GAAP Operating Expenses Cost of Revenue Sales and Marketing General and Administrative Product and Technology Total GAAP Operating Expenses Non-GAAP Operating Expense Adjustments Cost of Revenue Sales and Marketing General and Administrative Product and Technology Total Non-GAAP Operating Expense Adjustments Adjusted Operating Expenses Cost of Revenue Sales and Marketing General and Administrative Product and Technology Total Adjusted Operating Expenses (a) (b) (d) (a) (d) (a) (C) (d) (e) (f) (a) (d) 31-Mar-22 $313 $321 $217 $81 $933 ($1) ($19) ($9) ($14) ($1) ($144) ($4) ($2) ($2) ($1) ($28) ($2) ($226) $284 $307 $64 $52 $707 31-Dec-21 30-Sep-21 30-Jun-21 $253 $278 $241 $70 $842 ($1) ($20) ($9) ($15) ($0) ($142) ($10) ($1) ($1) ($13) ($26) ($1) ($241) $223 $263 $74 $42 $601 $171 $304 $220 $65 $759 ($2) ($20) ($7) ($14) ($0) ($134) ($4) ($1) ($5) ($18) ($26) ($1) ($233) $142 $289 $58 $38 $526 $187 $171 $199 $63 $619 ($1) ($21) ($7) ($14) ($0) ($132) ($8) ($1) ($4) ($13) ($25) ($1) ($226) $159 $157 $41 $36 $393 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 (a) Stock-based compensation expense Amortization of acquired intangible assets (b) (c) Transaction expenses (d) Depreciation & Amortization (e) Litigation (f) Other CO#8NON-GAAP ADJUSTED EARNINGS PER SHARE BUILD ($1.14) THREE MONTHS ENDED MARCH 31, 2022 - ADJUSTED EARNINGS PER SHARE BRIDGE GAAP Reported EPS $0.46 Stock Based Compensation ($0.11) Other Non-GAAP Adj.¹) $0.05 Amort. of acq. intangibles Note: Weighted average number of shares used to calculate Adjusted EPS for Q1 2022 was 411.1mm (1) Other non-GAAP adj includes non-cash impact of the change in fair value of certain financial assets and the re-measurement of warrant liabilities. ($0.74) Adjusted EPS#9DRAFTKINGS 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) (4) (5) (amounts in thousands) Revenue Cost of revenue Sales and marketing Product and technology General and administrative Loss from operations Interest income (expense), net Gain (loss) on remeasurement of warrant liabilities Other income, net Loss before income tax provision (benefit) Income tax provision (benefit) Loss from equity method investment Net Loss Adjusted For Depreciation and amortization(¹ Interest income, net Income tax provision (benefit) Stock-based compensation (²) Transaction-related costs (3) Litigation, settlement, and related costs (4) (Gain) loss on remeasurement of warrant liabilities Other non-recurring costs and non-operating (income) costs (5) Adjusted EBITDA Three months ended March 31, 2022 2021 417,205 313,379 321,452 81,352 216,606 (515,584) 148 12,681 37,882 (464,873) 469 2,351 (467,693) 32,225 (148) 469 187,077 3,774 1,950 (12,681) (34,482) (289,509) The amounts include the amortization of acquired intangible assets of $19.2 million and $19.1 million for the three months ended March 31, 2022 and 2021, respectively. Primarily reflects stock-based compensation expenses resulting from the issuance of awards under long-term incentive plans. Includes capital markets advisory, consulting, accounting and legal expenses related to evaluation, negotiation and integration costs incurred in connection with pending or completed transactions and offerings. Primarily includes external legal costs related to litigation and litigation settlement costs deemed unrelated to the Company's core business operations. Primarily includes the change in fair value of certain financial assets, as well as the Company's equity method share of the investee's losses and other costs relating to non-recurring items. 312,276 183,225 228,686 56,159 168,997 (324,791) 985 (26,980) (350,786) (4,595) 153 (346,344) 28,193 (985) (4,595) 151,843 3,023 622 26,980 2,001 (139,262) I ∞#10DRAFTKINGS 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 millions) Average Revenue per MUP ("ARPMUP") Three months ended March 31, 2022 2.0 $67 2021 1.5 $61#11DKNG SHARE COUNT BUILD (Shares in thousands) Total Capitalization Common Shares Outstanding (31-March-22) 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) (1) (2) 417,228 17,738 25,038 434,966 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. Also excludes shares that were issued upon closing of the acquisition of Golden Nugget Online Gaming, Inc. Based on Treasury Stock Method ("TSM"); assumes DKNG share price as of 05-May-2022 and strike price of $4.21 per share. Based on TSM; assumes DKNG share price as of 05-May-2022 and strike price of $11.50 per warrant. 328 435,295 | 10

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