#1DRAFT KINGS THE GAME. THE GAME INSIDE INVESTOR PRESENTATION DECEMBER 2019 PROUTS PATRIOTS 12#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 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 DEAC, DraftKings and SBT, 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"), intends to file a registration statement on Form S-4 (the "Registration Statement") with the U.S. Securities and Exchange Commission (the "SEC"), which will include a proxy statement/prospectus, and certain other related documents, to be used at the meeting of DEAC stockholders to approve 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 will be filed with the SEC carefully and in their entirety when they become available because they will 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 will also be 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. A list of the names of such directors and executive officers and information regarding their interests in the business combination will be contained in the Registration Statement for the business combination when available. 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 O 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.#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. A reconciliation of the non-GAAP forward looking information to their corresponding GAAP measures cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted. In addition, this presentation includes financial forecasts, including with respect to estimated EBITDA for 2020 and 2021. None of DEAC's, DraftKings' or SBT's 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, none of them expressed an opinion or provided any other form of assurance with respect thereto 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. Forward Looking Statements and Investment Considerations This presentation also contains forward-looking statements, which may be identified by such words as "may", "plans", "expects", "believes", "anticipates" and similar expressions, or by their context. These statements are made on the basis of current knowledge and, by their nature, involve numerous assumptions and uncertainties. Nothing set forth herein should be regarded as a representation, warranty, or prediction that DEAC, DraftKings, or SBT will achieve or are likely to achieve any particular future result. Various factors could cause actual future results, performance or events to differ materially from those described herein. This presentation does not purport to be all-inclusive or to contain all the information that a prospective investor may desire in making an evaluation. Each investor must conduct and rely on its own evaluation, including of the associated risks, in making an investment decision. Some of the factors that may impact future results and performance may include, without limitation: The impact of pending and future litigation and governmental investigations and inquiries The timing and terms of expanded legalized sports and online gaming in various states Changes in U.S. federal, U.S. state, and non-U.S. gaming laws and regulations, their interpretation, their enforcement, or the regulatory climate applicable to our existing or future products and services, and their impact on our ability to operate our business, to comply with licensing and regulatory requirements in other jurisdictions, and to obtain requisite services from regulated financial institutions Outages, disruptions, breaches, errors, or failures in our products, services, computer systems, and software, which could expose us to financial and legal harm and adversely affect our operating results and growth prospects Our integration of, and realization of anticipated benefits, including synergies, from acquisitions, including SBTech ■ ■ ■ ■ ■ ■ ■ The underlying performance of SBTech's B2B business' end market operators Our ability to obtain additional capital to support growth, which may not be available on terms acceptable to us, if at all Negative events or negative media coverage relating to sports betting, the sports or athletes on which our customers wager, or online sports betting or online casinos The transition to becoming a public company, resulting increases in legal, accounting and compliance expenses, and the impact of our public financial and other disclosures on our negotiations and arrangements with key counterparties You should not construe the contents of this summary as legal, business, or tax advice and should consult with your own attorney, business advisor, and tax advisor as to legal, business, tax, and related matters related hereto. You must rely on your own examination of DEAC, DraftKings, SBT, and this summary, including the merits and risks involved and not on any representation made or alleged to have been made by the placement agent, DEAC, DraftKings, or SBT. You should also consult your own legal, tax, or investment counsel regarding the legality or suitability of your investment in these securities under applicable legal, investment, or similar laws, regulations, or fiduciary standards. The information in this document is not targeted at the residents of any particular country and is not intended for distribution to, or use by, any person in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Furthermore, the securities referred to in this document are not available to persons resident in any jurisdiction or country where such distribution would be contrary to local law or regulation. ANY INDICATION OF INTEREST FROM PROSPECTIVE INVESTORS IN RESPONSE TO THIS PRESENTATION INVOLVES NO OBLIGATION OR COMMITMENT OF ANY KIND. I IN#4D OUR MISSION "We make life more exciting by responsibly creating the world's favorite 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" 3#5KEY INVESTMENT HIGHLIGHTS 2 The Premier Brand in Digital Sports Entertainment 5 3 Acquiring SBTech, a Leader and Innovator in Sports Betting Technology Massive Global Online Gaming Opportunity (1) (2) (3) (4) (5) (6) Proven Leader in New Jersey with Rapid Growth Trajectory Source: H2 Gambling Capital Global All Product Summary Report, June 2019. New Jersey Division of Gaming Enforcement. "TAM" stands for total addressable market. "DFS" stands for daily fantasy sports. Pro forma for SBTech's divesture of its Dot Com business. DRAFT KINGS Pure-Play, Online Gaming Company Well Capitalized for the Future Represents growth for the pro forma company. "OSB" stands for online sportsbook. Represents market share for September 2018 through September 2019. Assumes no redemptions from DEAC's trust account. $70BN+ Global Sportsbook TAM(1) #1 Rated DFS and Sportsbook Platform (2) 47% 2017-2020E SBT Revenue CAGR(3) 31% 2017-2021E Revenue CAGR(3), (4) Public Currency $20BN+ U.S. Sportsbook TAM(1) ~60% DFS Market Share 1 of 2 Scaled Turnkey Providers 35%+ OSB Market Share in New Jersey (5) + $500MM+ Cash Infusion (6)#61 MASSIVE GLOBAL MARKET OPPORTUNITY GLOBAL MOVEMENT TOWARDS REGULATION Regulated Regulatory momentum ($ in billions) Online % of total $38 $364 2015A 9.5% $42 $371 GLOBAL GAMING MARKET GGR (2018P) Bingo 2% 2016A Brick & mortar 10.1% Lotteries 26% Gaming machines / slots 21% ONLINE / MOBILE'S GROWING SHARE OF GLOBAL GGR $46 $382 Market size: $449 billion (1) 2017A Online / mobile 10.8% Source: Eilers and Krejcik Gaming. 2018 Oxford Economics U.S. population estimates. H2 Gambling Capital Global All Product Summary Report, June 2019. (1) Market size includes $20 billion of unregulated interactive gaming. (2) Sports betting includes horse racing. $51 Sports betting (2) 16% $398 2018P Casino 35% 11.3% | 5#71 U.S. ONLINE SPORTS BETTING MARKET WILL BE THE LARGEST GLOBALLY ($ in billions) $14 (1) (1) (2) (3) (4) (5) Eilers&Krejcik Gaming ESTIMATED U.S. ONLINE SPORTS BETTING MARKET AT MATURITY $15 (2) BARCLAYS $18 (3) (4) $22 $23 (5) Implied U.S. Market (NJ) Implied U.S. Market (U.K.) Implied U.S. Market (AU) Source: New Jersey Division of Gaming Enforcement; H2 Gambling Capital Global All Product Summary Report, June 2019; U.S. Census Bureau; U.K. Office for National Statistics. Eilers & Krejcik Gaming; Barclays Research, October 2018. Eilers estimate represents the online portion of revenues for its "Retail + Online" scenario. Barclays estimate represents the "retail and mobile sports betting estimate with remote registration" less the "retail only estimate". Implies market size based on New Jersey's percentage of the U.S. population. 2023E NJ GGR assumes H1'19 annualized GGR of $180 million grows at 5 year historical iGaming CAGR of 28% per year until 2023 at which point the market reaches a mature state. Implies market size based on 2023E U.K. GGR per adult of $88 and a U.S. adult population of 254 million people. 2023E U.K. GGR applies 5 year historical OSB CAGR of 13% in the U.K. to 2018 GGR of $2.4 billion. Implies market size based on 2023E Australia GGR per adult of $92 and a U.S. adult population of 254 million people. 2023E Australia GGR per H2 Gambling Capital Global.#81 U.S. ¡GAMING IS THE NEXT WAVE iGaming is nearly a half billion dollar industry in New Jersey; significant growth over past year with introduction of OSB Meaningful contribution to DK revenue KEY TAKEAWAYS DK has established itself as the #2 player in NJ within one year of launching operations and with very little marketing spend 98% of DK's iGaming customers have been cross-sold from other DK products DK anticipates two iGaming states will be live in 2020 ($ in millions) $123 2014A $149 2015A 30% CAGR (2014A - LTM 9/30/19A) $197 NJ IGAMING GGR 2016A $246 2017A $299 NJ IGAMING MARKET SHARE (LAST 3 MONTHS)(1) 2018A 16% 8% 15% 9% 9% 8% 6% 7% 5% 17% Jul-19 $422 LTM 9/30/19A Source: New Jersey Division of Gaming Enforcement. Note: data as of September 30, 2019 (1) Based on a combination of actual and estimated financial data per the New Jersey Division of Gaming Enforcement. 15% 10% 14% 9% 9% 8% 6% 7% 5% 17% Aug-19 $452 Q1-Q3 '19 Annualized 18% 14% 14% 9% 8% 7% 6% 5% 5% 15% Sep-19 10 BLACKJACK PAYS 32 21-INSURANCE PAYS-2 Balancer 56 $1995.00 Betfair DRAFT KINGS Golden Nugget Borgata Sugarhouse Tropicana Resorts Caesars Hard Rock Others (13) DEPOSIT I#9THE U.S. SPORTS AND ¡GAMING OPPORTUNITY: ~$40BN TAM $18BN Implied Total U.S. Market(1) $21BN Implied Total U.S. Market(2) DK'S ONLINE SPORTS BETTING TRAJECTORY 65% of U.S. Population with Legalized OSB Source: New Jersey Division of Gaming Enforcement. (1) (2) 30% of U.S. Population with Legalized iGaming 20-30% DK OSB market share DK'S IGAMING TRAJECTORY 10-20% DK iGaming market share $2.9-4.7BN Online Gaming Revenue Opportunity for DK Based on median of estimates as presented on page 6. Extrapolation based on annualized New Jersey iGaming GGR for nine months ended September 30, 2019. $2.3-3.5BN in Gross OSB Revenue ‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒ $600MM-1.2BN in Gross iGaming Revenue F 0#102 DFS IS THE FOUNDATION FOR U.S. SPORTS AND ONLINE GAMING $213MM 2019E Revenue Profitable Business Unit 22% DRAFT KINGS 13% FANDUEL Relationships with Regulators, Leagues, and Media DK'S DFS ADVANTAGE Superior Capabilities Customer Acquisition, CRM, Cross-Selling, Data Analytics, and more DK IS TOP OF MIND WITH CONSUMERS 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?" 4% YAHOO! 2% EST 1% OCBS SPORTS 43 States Live Source: National survey of current online sports wagerers ages 21 - 54, n = 447 conducted by Arnold Worldwide in April 2018. 1% betfair 4 Million+ DFS Payers ~60% DFS Market Share 1% bet365 1% twinspires.com Where Players Win. Ī#112 DATA ANALYTICS EMPOWER OUR CROSS-SELL CAPABILITIES DFS FIRST PAID SPORT NHL NBA NCAA NGAS PGA NFL 77% CFL 58% 59% 90% 63% 61% 50% 54% UFC WANNASCAR 55% LEAGUE LEGENDS 45% 28% NBA 18% 41% 12% 6% NHL 29% DFS SPORTS PLAYED NCAA 45% 50% 21% 11% 38% 37% 26% 47% 27% 54% 56% 36% 75% 28% 46% 30% NCAA 10% 8% 7% PGA 21% 10% 42% 32% 12% 28% 23% 35% 49% MLS 18% 36% 16% 16% 19% 23% 21% 37% 13% 7% 17% 36% 7% 5% 24% 17% 35% 8% 5% 21% 14% 13% UFC MINASCAR LEAGUE LEGENDS 13% 12% 21% 19% 16% 18% 15% 22% 25% 30% 40% 23% 37% 12% 8% 13% 19% 22% 17% 30% 4% 3% 16% 14% 16% 70% 50% 39% 38% 6% 4% 38% 22% 25% 23% 17% 11% 4% 26% 27% 8% 17% 8% 14% 20% 4% 11% 6% 6% 5% CFL 9% 8% 6% 4% 6% 6% 22% 9% 7% 6% 4% 8% 4% 4% 6% 4% Source: DraftKings internal data Note: Includes users acquired through June 2019 and contests run through June 2019; excludes Euroleague, Tennis, and Arena Football League. SPORTSBOOK CASINO MISSIONS QUICK LINKS NFL Blackjack MLB College Football NHL LIVE >>> WAS Nationals LA Dodgers WAS Nationals +140 FLASH BET YOUR MISSION: Earn rewards when you bet. ATP - Shanghai POOLS MONEY LINE Who will win? at Opt-In Flash Bet 1 2 3 4 5 6 7 8 T 0 0 0 0 0 1 0 2 3 2 1 000 000 3 Odds Bq ST LA Dodgers -180 Data science drives cross-sell between DFS & OSB, OSB & iGaming, and cross-sport conversion within DFS & OSB ~40% of all-time paid DFS users in New Jersey have used DK Sportsbook in the state since OSB was legalized | 10#12SBTECH: THE WORLD LEADER IN ONLINE GAMING TECHNOLOGY ■ Industry leader in B2B sports betting technology ■ 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 (1) Growing global footprint with material new opportunities emerging in Europe, U.S., Africa, Latin America, and Asia Europe & U.K. 42% COMPANY OVERVIEW REVENUE BY GEOGRAPHY U.S. 5% 2019E Revenue: $110 million Pro forma for SBTech's divesture of its Dot Com business. Asia 54% 1,080+ employees -oooo will. 8+ global offices Recent Wins: LARS 10+ years of experience 20+ regulated markets / jurisdictions WELL-POSITIONED FOR FUTURE GROWTH 47% 2017-2020E Revenue CAGR(1) SVENSKA SPEL $140MM 2020E Revenue OREGON LOTTERY#133 DK & SBT: TECHNOLOGY POWERING THE PLATFORM Product innovation: Ability to introduce more unique pre-game, in-game, and parlay bets Data analytics: Through risk management tools, can more effectively set odds and increase hold percentages Diversified revenues: Access to new markets; now operating worldwide in both B2B and B2C capacities Synergies: Vertical integration brings outsourced technology in-house DRAFT KINGS PLAYER ACQUISITION USER INTERFACE / EXPERENCE MEDIA PLATFORM DraftKings Capability SBTech we know sports TRADING PLATFORM / PRODUCT FEATURES BET TOOLS SBTech Capability | 12#143 SBTECH IS THE PREMIER FULL-SERVICE TURNKEY TECHNOLOGY PROVIDER Models and algorithms Bet engine Trading & risk management tools Trading services Bespoke risk & liability strategy Sportsbook (Turnkey) APIs Platform Marketing & bonusing tools Casino integrations Slot provider Managed services Source: DraftKings internal analysis (March 2019) SCALED TURNKEY PROVIDERS SBTech we know sports X Kambi X X X ✓ X X X SG SCIENTIFIC CAMES Opbel X X X X SPECIALIZED OPERATORS IGT. X X X X X intralot X X X X X playtech SOURCE OF SUCCESS X X X | 13#154 PROVEN SUCCESS IN NEW JERSEY - MARKET SHARE DraftKings has achieved and maintained 30%+ market share, despite fierce competition in New Jersey (i.e. 10+ other providers) During the nine months ended September 30, 2019, DraftKings recorded ~8x year-over-year revenue growth in the state ($ in millions) Online market share OSB operator SEPTEMBER 2018 SEPTEMBER 2019 OSB REVENUE BY SPORTSBOOK OPERATOR 40% $81 FANDUEL 37% $75 14% $28 DRAFT Allan HILL KINGS 4% $9 POINTSBET 2% $3 BET STARS 1% $3 bet365 1% $2 GOLDEN NUGGET CASINO.COM 1% $2 0% $0 play MGM GIG Source: New Jersey Division of Gaming Enforcement. Note: Market share is from NJ Division of Gaming Enforcement and separated Stars/Resorts and Pointsbet GGR, estimated to represent 4% and 10%, respectively, of DraftKings and FanDuel total online sportsbook GGR. 0% $0 TROPICANA ATLANTIC CITY | 14#164 STRONG ROI ON EARLY MARKETING INVESTMENT IN NEW JERSEY Cohort Cross-sell from DFS database H2'18 New customers H119 New customers Note: Total NJ OSB + iGaming New Customers 50,872 54,467 40,389 145,728 NJ Acquisition Spend $0 $20.2MM (Aug-Dec 2018) $16.4MM (Jan-June 2019) $36.6MM CAC $0 $371 $406 $251 LTV $2,614 $2,546 $1,957 $ 2,407 LTV / CAC ΝΑ 6.9x 4.8x 9.6x By end of 2019, DK will have recouped ~90% of year 1 marketing spend in New Jersey Estimated Gross Profit (Jul-2018 to Dec-2019) $13.0MM $14.4MM $5.3MM $32.7MM LTV calculated as 5 years of undiscounted gross profit (less than 1 year of actuals, remainder is a projection) plus a terminal value assuming a 30% discount rate and 0% growth rate. NJ Acquisition Spend accounts for external marketing directly attributable to New Jersey. | 15#174 EXPECTED NEW JERSEY CONTRIBUTION PROFIT DEMONSTRATES SPEED TO PROFITABILITY ($ in millions) GGR NGR Gross profit $26 $21 $8 NEW JERSEY SERVES AS EXAMPLE OF STATE-BY-STATE ECONOMIC RAMP ($10) Contribution profit Launch Year August - December 2018 $120 $84 $27 Year 1 2019E Early outsized promotion and marketing spend is critical for initial acquisition Declines as percentage of revenue as user base grows in each state ($11) $153 $111 State level profitability achievable by Year 2 $44 Year 2 2020E $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 $72 Year 3 2021E $49 Significant operating leverage realized in platform & processing fees as business grows | 16#184 NEW JERSEY WILL ACHIEVE 29% CONTRIBUTION MARGIN (% of Gross Revenue) 100% Gross Revenue (22)% NEW JERSEY OSB UNIT ECONOMICS (EXPECTED YEAR 5) 78% Promotions Net Revenue (14)% Taxes (12)% Platform (8)% (5)% By Year 5, marketing spend rationalizes, allowing for 29% contribution margin 39% Processing Revenue Share Gross Profit (10)% External Marketing 29% Contribution Margin | 17#195 COMBINED COMPANY PROJECTION MODEL ASSUMPTIONS 2020 Assumptions Online sportsbook live in current "line-of-sight" states, which represent approximately 10% of the U.S. population - iGaming live in NJ and PA DFS continues to maintain leading market position SBTech grows from existing and newly acquired customers 2021 Assumptions Additional states legalize / launch online sports betting; OSB available to approximately 20% of U.S. population - iGaming is legalized in additional states; DraftKings generates revenue from states representing a further 4% of the U.S. population DFS continues to maintain leading market position - SBTech grows from existing and newly acquired customers Source: Management projections DRAFT KINGS SBTech we know sports ($ in millions) $236 $44 YOY Growth CombineCo $192 2017 HISTORICAL / PROJECTED NET REVENUE $306 $80 31% CAGR $226 2018 18% 81% 30% $415 $110 $305 2019E DRAFT KINGS 35% 38% 36% $540 $140 $400 2020E SBTech we know sports 31% 27% 30% $700 $150 $550 2021 E 38% 7% 30% | 18#205 ILLUSTRATIVE PATH TO $1 BILLION+ IN EBITDA At 30% of U.S. Population Legalized At 65% of U.S. Population Legalized ENO ($ in billions) SBT iGaming(¹) Online Sports Book(2) DFS $3.7 $0.4 $0.7 $2.3 $0.3 Net Revenue $(1.8) COGS $2.0 $(0.4) $1.7 Gross Profit Marketing Exp. Contribution Profit $(0.6) SG&A (3) $0.1 Synergies 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. $1.2 EBITDA | 19#215 PROPOSED TRANSACTION SUMMARY DRAFT KINGS GAWNE Diamond Eagle Acquisition Corp. is a publicly listed special purpose acquisition vehicle with over $400 million in cash DEAC has agreed to combine with DraftKings and SBTech Values the combined DK and SBT at $2.7 billion 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 shares; SBT shareholders are rolling ~$450 million of equity value into the public company Post-closing, company will have dual class shareholder structure with super voting rights for co-founder and CEO Jason Robins at a ratio of 10:1; dual class sunsets at certain defined triggers Concurrent with this transaction, DK and DEAC have raised $380 million (1) in committed PIPE shares from select investors at closing 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 sufficient capital to fuel growth Note: DraftKings may increase the PIPE size between transaction announcement and close. Includes $76 million in DK convertible notes that convert to PIPE shares. Figures may not foot due to rounding. Assumes no redemptions from DEAC's trust account. Represents SBT cash consideration converted to USD at 1.098 USD/EUR. Represents total seller equity value including value of outstanding vested options. Excludes DEAC warrants and earnout shares. SBTech we know sports ($ in millions) Sources DEAC Cash in Trust PIPE Investment(¹) Sellers' Equity (4) ILLUSTRATIVE SOURCES AND USES(2) SPAC Upfront Founder Equity Total 75% 13% $403 12% 380 2,700 37 $3,519 Uses Cash to Balance Sheet Cash to SBT Shareholders(³) Sellers' Equity SPAC Upfront Founder Equity Transaction Fees Total ILLUSTRATIVE PRO FORMA OWNERSHIP AT CLOSE (2).(5) $554 PIPE Investors 2,700 198 37 $3,519 | 20 32 Sellers' Rollover Equity SPAC Shareholders#22DRAFT THE GAME INSIDE KINGS THE GAME. APPENDIX フ#23COMPARABLE COMPANY BENCHMARKING EV/2021E Revenue 2019E - 2021E Revenue CAGR EV/2021E Revenue - Growth Adjusted (1) EV/2020E EBITDA(²) High Growth Underpenetrated TAM DRAFT KINGS 3.9 x 30% 0.13 x 9.9 x SBTech We Know Sports High-Growth Consumer Internet 5.6 x 26% 0.25 x 26.7 x Interactive Gaming 4.4 x 9% 0.57 x 16.6 x X X x EU Sportsbook Operators ? 2.4 x 5% 0.51 x 10.1 x Customer Engagement High LTV Mobile First Millennial Audience Data / Analytics Network Effects Vertical Integration Source: Latest publicly available financial statements, IBES, Wall Street Research; market data as of December 20, 2019 Note: Figures represent medians for peers. High-growth consumer Internet comps include FB, NFLX, PINS, SNAP, SQ, and TENCENT. Interactive gaming comps include ATVI, EA, TTWO, and ZNGA.EU sportsbook operators include FLTR, GVC, TSGI, and WMH. Represents 2021E revenue multiple divided by 2019E-2021E revenue CAGR. (1) (2) DraftKings multiple based on $2.7 billion valuation and an illustrative 2028E EBITDA discounted to year end 2020 at 20% discount rate. High-growth consumer Internet median excludes companies with negative EBITDA. X ✓ ✓ x | 22#24COMPARABLE COMPANY BENCHMARKING ($ in millions, except per share data) Company High-Growth Consumer Internet Square Snap Inc. Pinterest, Inc. Netflix, Inc. Facebook Tencent Holdings Limited High Mean Median Low Interactive Gaming Activision Blizzard, Inc. Electronic Arts Inc. Take-Two Interactive Software, Inc. Zynga Inc. High Mean Median Low EU Sportsbook Operators Flutter Entertainment (3) The Stars Group Inc. (4) GVC Holdings (5) William Hill (6) High Mean Median Low (1) (2) (3) Closing Price 20-Dec-2019 (5) (6) $63.63 15.55 18.98 336.90 206.30 HKD 375.20 $ 59.22 107.95 123.61 6.26 € 107.20 CAD 33.33 £ 8.53 1.80 % of 52 Week High 76% 85 % 52 % 87% 99% 94% 99 % 82% 86% 52 % 99 % 99 % 91 % 94 % 99 % 96 % 97 % 91 % 97% 99 % 93 % 87% 99% 94% 95% 87% Equity Adjusted Market Enterprise Cap (1) Value (1) $30,315 24,331 13,039 152,217 605,312 401,471 $ 605,312 204,447 91,266 13,039 $ 46,459 32,566 14,761 6,298 $ 46,459 25,021 23,663 6,298 $ 9,211 7,338 6,524 2,078 $ 9,211 6,288 6,931 2,078 $ 30,219 23,335 11,314 160,307 553,043 410,624 $ 553,043 198,140 95,263 11,314 $ 44,220 28,683 13,258 5,608 $ 44,220 22,942 20,970 5,608 $ 9,985 11,979 8,889 2,709 $ 11,979 8,390 9,437 2,709 Revenue 2020 10.7 x 9.9 7.5 6.5 6.4 6.2 10.7 x 7.9 7.0 6.2 6.4 x 5.4 4.7 3.2 6.4 x 4.9 5.0 3.2 3.2 x 4.3 1.8 1.3 4.3 x 2.7 2.5 1.3 2021 8.0 x 7.6 5.7 5.5 5.4 5.1 8.0 x 6.2 5.6 5.1 6.0 x 5.0 3.8 2.9 6.0 x 4.4 4.4 2.9 2.9 x 4.1 1.8 1.2 4.1 x 2.5 2.4 1.2 Enterprise Value Multiples (2) Growth-Adjusted Revenue 2020 2021 0.37 x 0.30 0.22 0.33 0.32 0.27 0.37 x 0.30 0.31 0.22 0.81 x 1.01 0.46 0.29 1.01 X 0.64 0.64 0.29 0.32 x 0.54 0.66 0.54 Source: Latest publicly available financial statements, IBES; market data as of December 20, 2019 Equity Market Cap based on diluted shares outstanding. Projected revenues and EBITDA are based on IBES median estimates. Not pro forma for announced merger with The Stars Group. Pro forma for prepayment of term loan in October 2019. Not pro forma for announced merger with Flutter Entertainment. Pro forma for prepayment of term loan and draw down of existing revolving credit facility in July 2019. Pro forma for MRG acquisition and completion of U.S. partnership with Eldorado Resorts. 0.66 x 0.51 0.54 0.32 0.28 x 0.23 0.17 0.28 0.27 0.22 0.28 x 0.24 0.25 0.17 0.76 x 0.93 0.37 0.26 0.93 x 0.58 0.57 0.26 0.29 x 0.51 0.63 0.51 0.63 x 0.49 0.51 0.29 2020 EBITDA 57.1 NM NM 35.6 12.2 17.8 57.1 x 30.7 26.7 12.2 16.9 x 15.7 18.4 16.3 18.4 x 16.8 16.6 15.7 17.5 x 12.2 8.0 7.8 17.5 x 11.4 10.1 7.8 2021 39.4 NM NM 26.1 10.4 14.6 39.4 x 22.6 20.3 10.4 15.3 x 14.2 15.1 14.1 15.3 x 14.7 14.7 14.1 15.2 x 11.6 7.2 6.7 15.2 x 10.2 9.4 6.7 2019-2021E CAGR Revenue 29.2 % 33.6% 33.4 % 20.0 % 20.3% 23.0% 33.6% 26.6 % 26.1 % 20.0 % 7.9% 5.4 % 10.2% 11.3% 11.3% 8.7 % 9.0 % 5.4 % 10.2 % 8.0 % 2.8% 2.4 % 10.2 % 5.9 % 5.4 % 2.4 % EBITDA 36.2 % NM NM 39.8% 15.8% 20.1% 39.8 % 28.0 % 28.2 % 15.8 % 14.3% 7.9 % 12.1 % 14.9 % 14.9 % 12.3% 13.2 % 7.9 % 10.1 % 6.4 % 11.6 % 11.8% 11.8% 9.9 % 10.8 % 6.4 % | 23#25EXPERIENCED AND FOUNDER-LED LEADERSHIP TEAM Jason Robins Chief Executive Officer Capital One vistaprint (Co-founder) Paul Liberman Chief Operating Officer (Co-founder) Matt Kalish Chief Revenue Officer (Co-founder) Jason Park Chief Financial Officer R. Stanton Dodge Chief Legal Officer Travis Dunn Chief Technology Officer Tom Goedde Chief Marketing Officer Tim Dent BUEHEST Chief Compliance Officer POHER Ezra Kucharz Chief Business Officer David Lebow Chief of Staff Graham Walters Chief People Officer vistaprint Andy Yang Chief Product Officer Capital One dish vistaprint iPro ур O 12 M Betclic SPORT U Aol. ANALOG DEVICES ANDO MEDIA GROUP NBC UNIVERSAL S playhaven vistaprint IHeart HAL & NASA IAC Years experience 16 14 15 20 25+ 25+ 19 25+ 25+ 25+ 14 19 ■ Oversees strategy and operations, funding and partnerships ■ Duke University (B.A., Economics, B.S., Computer Science) ■ Founded DraftKings in 2012 ■ Oversees technology, product management/delivery and growth marketing ■ Worcester Polytechnic Institute (B.S. Electrical Engineering, Computer Science) ■ Founded DraftKings in 2012 ■ Oversees customer retention, contest operations, analytics, and customer experience ■ Columbia (B.A. Economics, B.S. Computer Science), Boston College (MBA) ■ Founded DraftKings in 2012 ■ Oversees finance and accounting ■ University of Michigan (BBA, Finance, Accounting and Macc. Accounting), The Wharton School (MBA, Finance, Entrepreneurship) ■ Oversees legal, government affairs and communications teams ■ University of Vermont (BS, Accounting), Suffolk University (JD) ■ 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) | 24#26SBTECH 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, US / Deutsche Bank Shay Berka Chief Financial Officer SPORTINGSOLUTIONS sportgroup THE SURFACE SPECIALISTS SOURCE OF SUCCE dentsu AEGIS network Illinois LOTTER Numis William HILL INSPIRED LLOYDS BANK Years experience b spot VISA 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 US business ■ Previously held strategic roles at the Illinois Lottery, US Digital Gaming, and b spot ■ Joined in 2012 as group CFO Previously held positions at Visa, Psagot and Deloitte | 25