#1DRAFT THE GAME KINGS THE GAME. INSIDE INVESTOR PRESENTATION JANUARY 2020 PATRIOTS 12 SBTech#2LEGAL DISCLAIMER This investor presentation ("Investor Presentation") is for informational purposes and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any equity, debt or other financial instruments of DraftKings Inc. ("DraftKings", "DK" or "the Company"), Diamond Eagle Acquisition Corp. ("DEAC") or SBTech (Global) Limited ("SBT" or "SBTech") or any of their affiliates. The Investor Presentation has been prepared to assist investors in making their own evaluation with respect to the proposed business combination, as contemplated in the definitive Business Combination Agreement entered into by and among DEAC, DraftKings, SBT, DEAC NV Merger Corp., DEAC Merger Sub, the shareholders of SBT party there to and their representative and for no other purpose. It is not intended to form the basis of any investment decision or any other decision in respect of the business combination. The information contained herein does not purport to be all-inclusive. The data contained herein is derived from various internal and external sources. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance. DEAC, DraftKings and SBT assume no obligation to update any information in this Investor Presentation, except as required by law. Important Information About the Business Combination and Where to Find It In connection with the proposed business combination, DEAC NV Merger Corp., a subsidiary of DEAC and the going-forward public company to be renamed DraftKings Inc. at closing ("New DraftKings" or "New DK"), has filed a registration statement on Form S-4 (the "Registration Statement") with the U.S. Securities and Exchange Commission (the "SEC"), which includes a proxy statement/prospectus, and certain other related documents, to be used at the meeting of DEAC stockholders to approve the proposed business combination. This material is not a substitute for the definitive proxy statement/prospectus regarding the proposed business combination. Investors and security holders of DEAC are urged to read the proxy statement/prospectus, any amendments thereto and other relevant documents that are filed with the SEC carefully and in their entirety because they contain important information about DraftKings, SBT, DEAC and the proposed business combination. The definitive proxy statement will be mailed to stockholders of DEAC as of a record date to be established for voting on the proposed business combination. Investors and security holders are able to obtain copies of the Registration Statement and other documents containing important information about each of the companies once such documents are filed with the SEC, without charge, at the SEC's web site at www.sec.gov,or by directing a request to: Diamond Eagle Acquisition Corp., 2121 Avenue of the Stars, Suite 2300, Los Angeles, California, Attention: Eli Baker, President, Chief Financial Officer and Secretary, (310) 209- 7280. Participants in the Solicitation DEAC and its directors and executive officers may be deemed participants in the solicitation of proxies from DEAC's stockholders with respect to the proposed business combination. A list of the names of those directors and executive officers and a description of their interests in DEAC is contained in the final prospectus for DEAC's initial public offering, which was filed with the SEC on May 14, 2019, and is available free of charge at the SEC's web site at www.sec.gov, or by directing a request to Diamond Eagle Acquisition Corp., 2121 Avenue of the Stars, Suite 2300, Los Angeles, California, Attention: Eli Baker, President, Chief Financial Officer and Secretary, (310) 209-7280. Additional information regarding the interests of such participants will be set forth in the Registration Statement for the proposed business combination when available. Each of DraftKings and SBT and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of DEAC in connection with the proposed business combination. No Offer or Solicitation This Investor Presentation does not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the business combination. This Investor Presentation also does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of Securities Act of 1933, as amended, or an exemption therefrom. Industry and Market Data This presentation includes information and statistics regarding market participants in the sectors in which DraftKings and SBT compete and other industry data which was obtained from third-party sources, including reports by market research firms and company filings. Trademarks This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, SM or ® symbols, but DEAC, DraftKings, and SBT will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. I 1#3LEGAL DISCLAIMER (CONTINUED) Use of Non-GAAP Financial Matters This presentation includes non-GAAP financial measures, including EBITDA. DEAC, DraftKings and SBT believe that these non-GAAP measures are useful to investors for two principal reasons. First, they believe these measures may assist investors in comparing performance over various reporting periods on a consistent basis by removing from operating results the impact of items that do not reflect core operating performance. Second, these measures are used by DraftKings' and SBT's management to assess its performance and may (subject to the limitations described below) enable investors to compare the performance of the combined company to its competition. DEAC, DraftKings and SBT believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. Other companies may calculate these non-GAAP financial measures differently, and therefore such financial measures may not be directly comparable to similarly titled measures of other companies. Projected Financial Information This presentation contains financial forecasts, which were prepared in good faith by DraftKings and SBT on a basis believed to be reasonable. Such financial forecasts have not been prepared in conformity with generally accepted accounting principles ("GAAP"). Neither DraftKings', SBT's nor DEAC's independent auditors have audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, they have not expressed an opinion nor provided any other form of assurance with respect there to for the purpose of this presentation. These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. Certain of the above-mentioned projected information has been provided for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Projections are inherently uncertain due to a number of factors outside of DraftKings', SBT's and DEAC's control. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of DraftKings, SBT, DEAC or the combined company or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. Forward Looking Statements and Investment Considerations Certain statements made in this presentation are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this presentation, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. 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, many of which are outside Diamond Eagle's, DraftKings' or SBTech's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include the inability to complete the business combination (including due to the failure to receive required shareholder approvals, failure to receive approvals or other determinations from certain gaming regulatory authorities, or the failure of other closing conditions); the inability to recognize the anticipated benefits of the proposed business combination; the inability to obtain or maintain the listing of the New DraftKings' shares on Nasdaq following the business combination; costs related to the business combination; the risk that the business combination disrupts current plans and operations as a result of the announcement and consummation of the business combination; New DraftKings' ability to manage growth; New DraftKings' ability to execute its business plan and meet its projections; potential litigation involving Diamond Eagle, DraftKings, SBTech, or after the closing, New DraftKings; changes in applicable laws or regulations, particularly with respect to gaming, and general economic and market conditions impacting demand for DraftKings or SBTech products and services, and in particular economic and market conditions in the media/entertainment/gaming/software industry in the markets in which DraftKings and SBTech operate; and other risks and uncertainties indicated from time to time in the proxy statement/prospectus relating to the business combination, including those under "Risk Factors" therein, and in Diamond Eagle's and/or New DraftKings' other filings with the SEC. None of Diamond Eagle, DraftKings or SBTech undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. N#4THE DRAFTKINGS / DIAMOND EAGLE TEAM Jason Robins Chief Executive Officer and Co-Founder of DraftKings Co-founded DraftKings in 2011 and has served as DraftKings' Chief Executive Officer since inception Oversees the company's strategy and operations Has built a reputation for expanding DraftKings' reach across numerous platforms through wide-ranging, forward- thinking partnerships Attended Duke University where he received his B.S. in Economics and Computer Science Jason Park Chief Financial Officer of DraftKings Joined DraftKings as Chief Financial Officer in June 2019 Responsible for accounting, tax, treasury, financial planning and analysis, and investor relations Prior to joining DraftKings, worked at Bain Capital as an Operating Partner focused on technology investments from January 2009 to June 2019 Received his M.B.A. from the Wharton School and B.B.A. and Master of Accountancy from the University of Michigan Harry Sloan Principal Founder of Diamond Eagle Founding investor of Diamond Eagle Has co-led four prior public acquisition vehicles and raised a total of over $1.3 billion Has held various executive level positions at media and entertainment companies, including serving as Chairman and CEO of MGM from 2005- 2009 Holds J.D. from Loyola Law School and B.A. from UCLA 3#5D OUR MISSION "We make life more exciting by responsibly creating the world's favorite real-money games and betting experiences" OUR VISION "To build the best, most trusted, and most customer-centric destination for skin-in-the- game fans, to develop the most innovative and entertaining real money gaming products and offers, and to forever transform the manner in which people experience sports"#6TABLE OF CONTENTS 1 Massive Global Sports Betting and iGaming Opportunity 2 (1) (2) (3) (4) Premier Brand in Digital Sports Entertainment and Leader in the U.S. Market (5) (6) DraftKings and SB Tech Together Create a Global, Vertically-Integrated Powerhouse Attractive Economic Profile Positioned for Long-Term Profitability Source: H2 Gambling Capital Global All Product Summary Report, June 2019. Vertically Integrated, Sports Betting and iGaming Company Well Capitalized for the Future "TAM" stands for total addressable market and is measured in gross gaming revenue. "OSB" stands for online sportsbook. "DFS" stands for daily fantasy sports. Live New DK OSB states include IN, NH, NJ, OR, PA, and WV. See page 22 for detailed assumptions. Assumes no redemptions from DEAC's trust account. $70BN+ Global Sportsbook TAM (1) #1 Rated DFS and Sportsbook Platform (3) 22 U.S. and International Licenses ~38% State-Level OSB Contribution Margin at Maturity Public Currency + ~$40BN Expected U.S. OSB and iGaming TAM (2) 6 States with live New DK OSB (4) $100MM + Cost Synergies Path to $1BN+ in EBITDA (5) $500MM + Cash Infusion (6) LO#71 MASSIVE GLOBAL MARKET OPPORTUNITY GLOBAL MOVEMENT TOWARDS REGULATION Regulated Regulatory momentum ($ in billions) Online as % of total $38 $364 2015A 9.5% $42 $371 2016A Brick & mortar 10.1% ONLINE/MOBILE'S GROWING SHARE OF GLOBAL GGR $46 $382 2017A GLOBAL GAMING MARKET GGR (¹) (2019E) 10.8% Lotteries 26% Gaming machines / slots 20% $51 $398 2018A Online / mobile Bingo 3% 11.3% Market size: $456 billion Source: Eilers and Krejcik Gaming. 2018 Oxford Economics U.S. population estimates. H2 Gambling Capital Global All Product Summary Report, June 2019. (1) "GGR" stands for gross gaming revenue. (2) Sports betting includes horse racing. Sports betting (2) 16% $56 $400 2019E Casino 35% 12.2% CO#81 THE U.S. ONLINE SPORTS BETTING MARKET IS ESTIMATED TO BE $18-23 BILLION AT MATURITY ($ in billions) $18 (¹) Implied U.S. Market (NJ) ESTIMATED U.S. ONLINE SPORTS BETTING MARKET AT MATURITY $22 (2) Implied U.S. Market (U.K.) $23 (3) Implied U.S. Market (AU) T $18(4) Average Analyst Estimate Source: NJ Department of Gaming Enforcement; H2 Gambling Capital Global All Product Summary Report, June 2019; U.S. Census Bureau; U.K. Office for National Statistics. Industry Research. (1) Applies 5 year historical NJ iGaming CAGR (28%) to annualized H1'19 NJ OSB GGR ($180 million) to calculate 2023E NJ OSB GGR; extrapolation based on percentage of U.S. population. Applies 2023E U.K. GGR per adult ($88) to U.S. adult population (254 million). 2023E U.K. GGR calculated as 2018 U.K. GGR grown at 5-yr historical OSB CAGR. (2) (3) Applies 2023E AU GGR / adult ($92) per H2 Gambling to U.S. adult population (254 million). (4) Represents average of analyst estimates for entire U.S. population.#91 SPORTS BETTING IS LEGALIZED IN STATES REPRESENTING JUST OVER ONE-THIRD OF THE U.S. POPULATION (1) (2) (3) (4) D Following the repeal of the Professional and Amateur Sports Protection Act (PASPA) in May 2018, 21 states, representing approximately 36 percent of the U.S. population, have legalized sports betting in some form (retail, mobile, or both) 14 states have legalized online sports betting, representing approximately 24% of the U.S. population 9 states are currently live, representing approximately 13% of the U.S. population DraftKings (including SBTech) is live in 6 states, representing approximately 11% of the U.S. population (6 ****** 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 State New Jersey West Virginia Indiana Oregon Pennsylvania New Hampshire Nevada Rhode Island lowa Tennessee (4) Washington, DC Illinois Colorado Michigan Delaware Mississippi New Mexico Montana Arkansas (5) New York North Carolina % of U.S. Population % of U.S. Population 2.7% 0.6% 2.0% 1.3% 3.9% 0.4% 0.9% 0.3% 1.0% 2.1% 0.0% 3.9% 1.7% 3.1% 0.3% 0.9% 0.6% 0.3% 0.9% 6.0% 3.2% Legalized (¹) ✓ In New Mexico, sports betting is limited to provision by Native American tribes. Includes SBTech, which provides its online and retail sportsbook offering to the Oregon State Lottery. 36% Indicates states that DraftKings' OSB is currently live in, representing -11% of the U.S. population (6) Source: "U.S. sports betting tracker" from Gambling Compliance; "Where is sports betting legal in the U.S.?" from Legal Sports Report, U.S. Census Data as of July 2018 (https://www2.census.gov/programs- surveys/popest/tables/2010-2018/state/totals/nst-est2018-02.xlsx). Note: States within each category sorted by launch date where applicable. Live DK states sorted by DK launch date. States pending online launch sorted by legalization date. Indicates states that have legalized sports betting in some form. Indicates states with online sportsbooks. Green check indicates states with operational online sports betting, while yellow check indicates states that are still pending launch. Tennessee is the only state without retail sportsbooks. Online (2) 24% Online Live or Pending Launch (3) 13% ∞#101 U.S. ¡GAMING IS THE NEXT WAVE iGaming is nearly a half billion dollar industry in New Jersey; growth has accelerated since the introduction of OSB in August 2018 Based on an extrapolation of NJ, we estimate the U.S. iGaming opportunity to be approximately $21 billion in GGR ($ in millions) $123 (1) (2) 2014A YOY Growth 25% CAGR (2014A - 2018A) $149 2015A NEW JERSEY IGAMING GGR 21% $197 2016A 32% Source: New Jersey Division of Gaming Enforcement. $246 2017A 25% $299 2018A 22% + 51% $452 2019E 51% (1) Reflects actual data through September 30, 2019, which is then annualized. Extrapolation based on 2019E New Jersey iGaming GGR, which is grown one year forward at the historical CAGR of 25%. U.S. MARKET $21 billion Implied U.S. Market (2) LIVE DEALER BLACKJACK Suggested RATINGS Christmas BLACKJACK X DRAFTINGS BLACKJACK ACK PAS DOUBLE DOWN Demo Min Bet $1.00 | Max Bet 55000.00 TABLE GAMES 182 15 19 ROULETTE VIDEO POKER DraftKings Christmas Blackjack MinBet $1.00 | Max Bet $5000.00 11 SPLITO Play Demo Balancet 10 Dealer ment kran mis BLACKJACK PAYS 2001 INSURANCE PAYS 2 56 ARRE SLOTS Play STAND $1995.00 | 9 DEPOSIT FERD HIT#111 THE U.S. OSB AND IGAMING OPPORTUNITY: $40BN TAM $18BN Implied Total U.S. Market(1) (1) (2) (3) (4) $21BN Implied Total U.S. Market (³) DRAFTKINGS' ONLINE SPORTS BETTING TRAJECTORY 65% of U.S. Population with Legalized OSB (²) DRAFTKINGS' iGAMING TRAJECTORY 30% of U.S. Population with Legalized iGaming (4) 20-30% DraftKings' OSB Market Share Source: Eilers and Krejcik Gaming, New Jersey Division of Gaming Enforcement. Based on extrapolation of New Jersey market on page 7. OSB is legalized in states representing 24% of the U.S. population today. Based on extrapolation of New Jersey market on page 9. iGaming is legalized in states representing 10% of the U.S. population today. $2.3-3.5BN in Gross OSB Revenue 10-20% = $600MM-1.2BN: in Gross iGaming Revenue DraftKings' iGaming Market Share ▬▬▬▬▬▬ ▬▬▬▬▬ $2.9-4.7BN OSB and iGaming Gross Revenue Opportunity for DraftKings | 10#122 DRAFTKINGS' DFS BUSINESS IS A DISTINCT COMPETITIVE ADVANTAGE $213MM 2019E Revenue (1) Profitable Business Unit 22% DRAFT KINGS 13% FANDUEL Strong Relationships 43 States with Regulators, Leagues, and Media Live Question asked: "When you think about brands that allow you to win money on sporting events, what is the first brand that comes to mind?" Superior Capabilities Customer Acquisition, CRM, Cross-Selling, Data Analytics, and more DRAFTKINGS' DFS ADVANTAGE DRAFTKINGS IS TOP OF MIND WITH CONSUMERS (1) 4% K YAHOO 2% 1% OCBS SPORTS National survey of current online sports wagerers ages 21 - 54, n = 447 conducted by Arnold Worldwide in April 2018. 1% betfair 4 Million+ DFS Paid Users ~60%+ DFS Market Share 1% bet365 1% twinspires.com Where Players Win#132 DFS DATABASE PROVIDES IMMEDIATE SOURCE OF ONLINE SPORTS BETTING AND GAMING USERS CROSS-SELL ACROSS DRAFTKINGS' OFFERINGS IN NEW JERSEY We have a 4MM + unique paid user database Our "single account" platform creates a seamless user experience across offerings As evidenced in NJ, we have proven cross- sell capabilities that magnify customer engagement DFS paid user database across 43 states creates a significant base for future OSB and iGaming users as new states go live 4MM + Unique Paid User Database Note: OSB and iGaming database figures reflect paid users from OSB launch in August 2018 through September 30, 2019. DRAFTKINGS DAILY FANTASY -140k NJ DFS Database... -30% cross-sell rate DRAFTKINGS SPORTSBOOK ... with ~42k now playing OSB ~50% cross-sell rate DRAFTKINGS CASINO ... and ~20k who play all three products | 12#142 SUCCESS IN ONLINE SPORTS BETTING Others (12) William HILL Time of Market Launch FANDUEL Flutter DRAFT KINGS Number of Operators Time of DraftKings Launch 13% 13% 43% 31% New Jersey 15 August 2018 August 2018 OSB MARKET SHARE BY GGR - NOVEMBER 2019 YTD (¹) FANDUEL Flutter DRAFT KINGS 35% 65% West Virginia 2 August 2019 August 2019 BETRIVERS D FANDUEL Flutter t DRAFT KINGS 7% 26% 67% Indiana 3 October 2019 October 2019 DRAFT KINGS SBTech www.sports Source: State gaming and lottery commissions, Legal Sports Report. Note: NJ market share separates Stars/Resorts and Points Bet GGR from DraftKings' and FanDuel's licenses, respectively. Points Bet OSB GGR estimated as ~12% of license. (1) Excludes PA and NH as full months of data unavailable for the period. YTD calculated excludes month of launch for WV and IN. Represents New DK's position through SBTech. (2) 100% Oregon 1 (2) October 2019 October 2019 | 13#152 SUCCESS IN IGAMING - NEW JERSEY KEY TAKEAWAYS (1) (2) New Jersey iGaming has been legal for five years and DraftKings is the newest entrant DraftKings has established itself as the #2 player in New Jersey (1) within one year of launch and with very little marketing spend 98% of DraftKings' iGaming paid users have been cross-sold from other DraftKings' product offerings; most traditional casino-based operators do not have a comparable user data base DraftKings has the potential to establish higher market share in states where there are no incumbent iGaming operators DraftKings anticipates two iGaming states will be live in 2020 18% 14% 10% 10% 6% 9% 7% 9% 5% 14% Q1 2019 NJIGAMING MARKET SHARE (¹) 16% 14% 9% 9% 8% 8% 6% 8% 5% 16% Q2 2019 Source: New Jersey Division of Gaming Enforcement. Data as of November 30, 2019. Based on a combination of actual and estimated financial data per the New Jersey Division of Gaming Enforcement and DraftKings. Includes data from October and November. 16% 14% 10% 9% 8% 6% 7% 5% 17% Q3 2019 17% 15% 13% 9% 8% 7% 6% 5% 4% 15% (2) Q4 2019 Betfair / Flutter DRAFT KINGS Golden Nugget Borgata Sugarhouse Tropicana Resorts Caesars Hard Rock Others (11) | 14#163 DRAFTKINGS & SBTECH: A FULLY INTEGRATED PLATFORM THAT ENABLES DRAFTKINGS' MISSION First-to-market with innovative products focused on the U.S. sports fan احية DRAFT KINGS Access meaningful pockets of additional end users in the U.S. and abroad Ability to control our product roadmap and give customers what they want through proprietary, in-house technology SBTech we know sports Provide fuel for growth through cost synergies of $100MM + at maturity and industry-leading unit economics | 15#173 SBTECH: A LEADER IN ONLINE GAMING TECHNOLOGY (1) Positioned as one of the fastest growing tech firms within sports betting, with an omni-channel solution Proven track record of outperformance vs. industry peers on growth and margin Growing global footprint with material new opportunities emerging in Europe, U.S., Africa, Latin America, and Asia Europe & U.K. 42% REVENUE BY GEOGRAPHY U.S. 5% COMPANY OVERVIEW 2019E Revenue: $110 million Pro forma for SBTech's divesture of its Dot Com business. Asia 54% 1,080+ employees 821. 8+ global offices FO HD Recent Wins: 10+ years of experience 20+ regulated markets / jurisdictions WELL-POSITIONED FOR FUTURE GROWTH 47% 2017-2020E Revenue CAGR (¹) SVENSKA SPEL $140MM 2020E Revenue Yee OREGON LOTTERY. | 16#183 TECHNOLOGY ENABLES MULTI-CHANNEL ACCESS TO USERS GLOBALLY Powered by DRAFT KINGS SBTech we know sports DRAFT KINGS DraftKings' branded OSB and iGaming platform White Label B2C Plug and play direct-to- consumer OSB and iGaming offering Lottery-Run Back-end turnkey OSB and iGaming technology solution Retail Sportsbook Traditional brick-and-mortar sportsbook services SCORE CHURCHILL DOWNS 11:42 AM SPORTSBOOK GOLDEN NUGGET CASINO.COM LOTTERY BOARD NHL ttery RESORTS Casino - Hotel DRAFTKINGS SPORTSBOOK $103.55 Note: Graphic is illustrative and not proportional to actual populations with access through each offering. DRAFTKINGS AT SCARLET PEARL SPORTSBOOK NGA TOUR Virgin BET KO SVENSKA SPEL VEIKKAUS AMERISTAR CASINO RESORT & SPA iii iiii | 17#194 CAC ADVANTAGE DUE TO DFS DATABASE AND MARKETING KNOW HOW New Jersey Unique Paid Users A (2) (3) (4) B || CUSTOMER ACQUISITION IN NEW JERSEY C 43k OSB or iGaming Paid Users Cross Sold from Existing DFS Database 93k Newly Acquired Paid Users 136k Total NJ Unique Paid Users (1) More than one-third of NJ paid users are from our existing NJ DFS database of ~140K (²) ILLUSTRATIVE MARKETING EFFICIENCY AT SCALE Average Effective Cost per Thousand ("eCPM")(3) Average CPM Marketing Efficiency (4) $120 Local -$90 -75% Note: OSB and iGaming database figures reflect paid users from OSB launch in August 2018 through September 30, 2019. (1) Excludes existing out-of-state DFS users who have used the product in New Jersey. DFS existing database defined as number of cumulative unique paid users living in New Jersey prior to OSB launch in August 2018. eCPM calculated as average CPM divided by marketing efficiency. Marketing efficiency is the percentage of impressions that reach live DK states. $95 ~67% Reduction in Cost I Regional - $90 -95% $75 National (30% OSB Live) -$30 -40% $40 National (65% OSB Live) -$30 -75% | 18#204 PROVEN REVENUE RETENTION DRIVES LTV (1) (2) 2014 2015 2012-14 2016 NEW JERSEY NET REVENUE BY COHORT(1) + 231% 2017 2015 2016 2017 ■2018 Cohort year determined by user's first paid activity, whether DFS, OSB, or iGaming. 2018 data reflects five months of live OSB and one month of live iGaming. Introduction of OSB and iGaming in 2018 223% 2018 (2 ■2019 2019E Key Takeaways Each cohort has expanded in both years since the introduction of OSB and iGaming In the first full-year with all products live (i.e. 2019E), 2012-2017 cohorts experienced a 4.1x increase in revenue relative to 2017 Size of new cohorts is significantly larger than past cohorts | 19#214 EXPECTED NEW JERSEY CONTRIBUTION PROFIT DEMONSTRATES SPEED TO PROFITABILITY ($ in millions) GGR NGR Gross profit $26 $21 NEW JERSEY SERVES AS EXAMPLE OF STATE-BY-STATE ECONOMIC RAMP $8 ($10) Contribution profit Launch Year August December 2018 $120 $84 $27 Year 1 2019E Early outsized promotion and marketing spend is critical for initial user acquisition - Declines as percentage of revenue as user base grows in each state ($11) $153 $111 Year 2 2020E State level profitability achievable by Year 2 $44 $9 Improving contribution profit as marketing spend rationalizes As more states launch, ability to shift to national spend will improve LTV / CAC and state profitability Note: Reflective of initial performance in New Jersey and near-term projections for the state. Contribution profit reflects gross profit less external marketing. $196 $152 Significant flow through upon achieving scale $72 Year 3 2021E $49 Significant operating leverage realized in platform & processing fees as business grows | 20#224 NEW JERSEY EXPECTED TO ACHIEVE 38% CONTRIBUTION MARGIN (% of Net Revenue) 100% Net Revenue (18)% Taxes ILLUSTRATIVE NEW JERSEY UNIT ECONOMICS (EXPECTED YEAR 5) (15)% Platform (10)% Processing Note: Figures may not foot due to rounding and are displayed as percentage of net revenue. (7)% Revenue Share By Year 5, marketing spend rationalizes, allowing for 38% contribution margin 50% Gross Margin (13)% External Marketing 38% Contribution Margin | 21#234 ILLUSTRATIVE PATH TO $1 BILLION + IN EBITDA ($ in billions) At 30% of U.S. Population Legalized At 65% of U.S. Population Legalized Assumes 65% of population has live OSB and 30% of population has live iGaming, and then rolls forward 5 years to "maturity" Assumes DK has 25% and 15% market share in OSB and iGaming, respectively $3.7 (1) (2) (3) SBT iGaming (¹) Online Sports Book (2) DFS $0.4 $0.7 $2.3 $0.3 Net Revenue $(1.8) COGS - - As a result of the acquisition of SBT, new DK will: Lower its COGS through the elimination of platform costs Improve product and technology cost structure through an efficient worldwide engineering network Consolidate administrative functions within G&A $2.0 Gross Profit $(0.4) External Marketing $1.7 Contribution Profit $(0.6) SG&A (3) I $0.1 Synergies Note: Figures may not foot due to rounding. Assumes 30% of U.S. population has access to legalized iGaming with DraftKings achieving 15% market share. Net of promotional allowances (22% of gross revenues). Assumes 65% of U.S. population has access to legalized sports betting with DraftKings achieving 25% market share. Net of promotional allowances (22% of gross revenues). Assumes 10% SG&A growth per annum from today. SG&A includes Sales and Marketing, Product and Technology, and General and Administrative expenses. $1.2 EBITDA | 22#245 COMBINED COMPANY PROJECTION MODEL 2020 Assumptions Online sportsbook live in current "line-of-sight" states, which represent approximately 10% of the U.S. population ASSUMPTIONS - iGaming live in NJ and PA - DFS continues to maintain leading market position - SBTech grows from existing and newly acquired customers 2021 Assumptions Additional states legalize / launch online sports betting; OSB available to approximately 20% of U.S. population iGaming is legalized in additional states; DraftKings generates revenue from states representing a further 4% of the U.S. population DFS continues to maintain leading market position SBTech grows from existing and newly acquired customers Source: Management projections. ($ in millions) SBTech sports t DRAFT KINGS HISTORICAL / PROJECTED NET REVENUE $236 $44 YOY Growth t DRAFT KINGS $192 2017 SBTech now sport $308 $82 31% CAGR $226 2018 18% 86% 31% $415 $110 $305 2019E DRAFT KINGS 35% 38% 36% $540 $140 $400 2020E SBTech new sports 31% 27% 30% $700 $150 $550 2021E 38% 7% 30% | 23#255 PROPOSED TRANSACTION SUMMARY Note: (1) (2) EN MIDOÑO (3) (4) (5) (6) DRAFT KINGS (8 Diamond Eagle Acquisition Corp. is a publicly listed special purpose acquisition vehicle with over $400 million in cash DraftKings may increase the PIPE size between transaction announcement and close. Cash held in the trust account as of September 30, 2019. Includes $67 million in DK convertible notes that convert to PIPE shares. This amount does not count toward the determination of the satisfaction of the Minimum Proceeds Condition under the BCA. Figures may not foot due to rounding. Assumes no redemptions from DEAC's trust account. Represents SBT cash consideration converted to USD at 1.098 USD/EUR. Represents total seller equity value including value of outstanding vested options. Includes 80,000 founder shares that have been transferred to DEAC's independent directors (7) Includes $14.0 million in deferred underwriting commissions related to DEAC's initial public offering. Excludes DEAC warrants and earnout shares. DEAC has agreed to combine with DraftKings and SBTech Values the combined DK and SBT business at $2.7 billion (based on book value of DEAC) Represents an attractive entry multiple of 3.9x 2021E revenue; projected annual revenue growth of 30% + as states legalize and launch sports betting and iGaming DK founders and shareholders are rolling 100% of their equity; SBT shareholders are rolling ~$450 million of equity Post-closing, the combined company will have a dual class shareholder structure with super voting rights comprised of Class A common stock, which will carry one vote per share, and Class B common stock, which will carry 10 votes per share. Jason Robins will hold Class A and Class B common stock such that he will hold approximately 90% of voting power. Concurrent with this transaction, DK and DEAC have raised $372 million (2) in committed PIPE equity from select investors After giving effect to the transaction (assuming no redemptions), the company will have over $500 million of unrestricted cash with public equity currency to ensure access to capital to fuel growth SBTech we know sports ($ in millions) Sources DEAC Cash in Trust(1) PIPE Investment (2) Sellers' Equity (5) ILLUSTRATIVE SOURCES AND USES (3) SPAC Upfront Founder Equity (6) Total 74% 14% $403 12% 372 2,700 37 Uses Cash to Balance Sheet Cash to SBT Shareholders (4) Sellers' Equity (5) SPAC Upfront Founder Equity(6) Transaction Fees (7) $3,512 Total ILLUSTRATIVE PRO FORMA OWNERSHIP AT CLOSE (3), (8) $527 PIPE Investors 2,700 198 | 24 37 $3,512 50 Sellers' Rollover Equity SPAC Shareholders#26DRAFT KINGS THE GAME. THE GAME INSIDE APPENDIX#27COMBINED COMPANY P&L ($ in thousands) Net Revenue Cost of Revenue Sales and Marketing Product and Technology General and Administrative Loss from Operations Interest Income (Expense) Other Income - Interest on Trust Account Financial Income Financial Expenses Loss Before Income Tax Expense Income Tax Expense Net Income/(Loss) Source: Company filings. For the Nine Months Ended September 30, 2019 $268,773 114,080 129,791 54,934 86,701 $(116,733) 1,154 $(115,579) 8,845 $(124,424) For the Twelve Months Ended December 31, 2018 $308,533 113,911 150,077 44,905 86,578 $(86,938) 379 $(86,559) 9,955 $(96,514) | 26#28DRAFTKINGS KPI COMPARISON OVER TIME USERS IN 000'S Monthly Unique Payers ("MUPS") We define MUPs as the number of unique paid users ("payers") 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 - KEY PERFORMANCE INDICATORS MUPS is a key indicator of the scale of our user base and awareness of our brand We believe that the growth of our MUP base is indicative of our long-term revenue growth potential Average Revenue per MUP ("ARPMUP") We define and calculate ARPMUP as the average monthly revenue for a reporting period, divided by 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 Source: Company filings. Monthly Unique Payers ("MUPS") Average Revenue per MUP ("ARPMUP") Nine months ended September 30, 2019 565 $38 2018 485 $30 Year ended December 31, 2018 601 $31 2017 574 $28 | 27#29EXPERIENCED AND FOUNDER-LED LEADERSHIP TEAM Jason Robins Chief Executive Officer (Co-founder) Paul Liberman President, Global Technology and Product (Co-founder) Matt Kalish President, North America (Co-founder) Jason Park Chief Financial Officer R. Stanton Dodge Chief Legal Officer and Secretary Tim Dent Chief Compliance Officer Travis Dunn Chief Technology Officer Tom Goedde Chief Marketing Officer Ezra Kucharz Chief Business Officer David Lebow Chief of Staff Graham Walters Chief People Officer Andy Yang Chief Product Officer Capital One vistaprint vistaprint Capital One dish BainCapital McKinsey vistaprint iPro ур @O par Betclic SPORT J ANALOG DEVICES ANDO MEDIA GROUP Aol. vistaprint NBC UNIVERSAL ployhaven & Company Heart FALC NASA LAC Years experience 16 14 15 20 25+ 25+ 19 25+ 25+ 25+ 14 19 ■ Oversees strategy and operations and drives funding and partnerships ■ Duke University (B.A. Economics, B.S. Computer Science) ■ Founded DraftKings in 2011 ■ Oversees technology, product management/delivery and growth marketing ■ Worcester Polytechnic Institute (B.S. Electrical Engineering, Computer Science) ■ Founded DraftKings in 2011 ■ Oversees performance of DFS, OSB, and iGaming offerings and leads operations, marketing, analytics, and customer experience departments ■ Columbia (B.A. Economics, B.S. Computer Science), Boston College (MBA) ■ Founded DraftKings in 2011 ■ Oversees accounting, tax, treasury, financial planning and analysis, and investor relations departments ■ University of Michigan (B.B.A. and MAcc), The Wharton School (MBA) ■ Oversees legal, government affairs and communications teams ■ University of Vermont (B.S., Accounting), Suffolk University (J.D.) ■ Early investor in DraftKings and advisor prior to joining full-time in 2013 ■ Oversees compliance, risk management/payments, and licensing ■ University of Massachusetts (Accounting), Licensed CPA ■ Oversees all technology and engineering efforts ■ Western Washington University ■ Oversees Brand Marketing and Creative ■ Carroll College (B.A. Speech Communications Theory; B.A Public Relations) ■ Oversees business strategy, ad sales, business development and corporate development ■ Boston University (BA, Biomedical Engineering), University of Houston (MS Engineering Management), Duke University (MS Medical Informatics) Chief of Staff to the CEO ■ Ithaca College (B.S. Business, Communications Management) ■ Oversees human resources, real estate, and workplace experience ■ University of Massachusetts (B.B.A. Operation Management) ■ Oversees product management efforts ■ Stanford University (B.S Computer Science; M.S. Management Science & Engineering) | 28#30SBTECH HAS AN EXPERIENCED MANAGEMENT TEAM TO DRIVE CONTINUED GROWTH Richard Carter Chief Executive Officer Andrew Cochrane Chief Development Officer lan Bradley Chief Strategy Officer Dave Hammond Chief Operations Officer PADDYPOWER. Jeremie Kanter Head of Compliance Julian Elliott Chief Data Officer Melissa Riahei President, U.S. / Deutsche Bank Shay Berka Chief Financial Officer SPORTING SOLUTIONS sportgroup THE SURFACE SPECIALISTS playtech dentsu AEGIS network LOTTERY VISA Numis William HILL INSPIRED LLOYDS BANK Years experience b spot Deloitte. 14 7 25+ 11 14 15 12 16 ■ Joined in February 2016 ■ Previously held research positions at Deutsche Bank and Numis Securities ■ Joined in June 2017 to drive Customer and New Business revenues ■ Previously held operating positions at Sporting Solutions and William Hill ■ Joined in December 2018 to manage global operations Previously held leadership positions at Paddy Power Betfair and Inspired Gaming Joined in June 2016 to drive global product development ■ Previously held positions at the Sporting Group Joined in November 2018 ■ Previously managed Playtech's B2C compliance function ■ Joined in summer 2019 to improve both products and internal discussion making ■ Previously served as Chief Data Officer at Tyrell Corporation and Dentsu Aegis Joined in June 2019 to oversee and lead the U.S. business ■ Previously held strategic roles at the Illinois Lottery, U.S. Digital Gaming, and b spot Joined in 2012 as group CFO ■ Previously held positions at Visa, Psagot and Deloitte | 29