#1BETMGM BUSINESS UPDATE December 4th, 2023#2Disclaimer This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in any jurisdiction where such offer or sale is not permitted. Any securities referred to herein, if any, have not been, and will not be, registered under the Securities Act of 1933, as amended (the "Securities Act"), or under any state securities laws in the United States. Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the Securities Act. Cautionary Statements Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve substantial risks and/or uncertainties, including those described in the MGM Resorts International public filings with the Securities and Exchange Commission and the public filings of Entain PLC. BetMGM has based forward-looking statements on management's current expectations, assumptions and projections about future events and trends. Examples of these statements include, but are not limited to, BetMGM's expectations regarding its financial outlook (including forecasted revenues, EBITDA, EBITDA margin and expectations regarding future parent funding), projected market share position, expected benefits of single account single wallet implementation and other product and strategic initiatives (including omnichannel), and its expected growth in new and existing jurisdictions. 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, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the significant competition within the gaming and entertainment industry; the Company's ability to execute on its business plan; changes in applicable laws or regulations, particularly with respect to iGaming and online sports betting; the Company's ability to manage growth and access the capital needed to support its growth plans; and the Company's ability to obtain the required licenses, permits and other approvals necessary to grow in existing and new jurisdictions. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements. Market and Industry Data This presentation also contains estimates and information concerning BetMGM's industry that are based on industry publications, reports and peer company public filings. This information involves a number of assumptions and limitations, and you are cautioned not to rely on or give undue weight to this information. The Company has not independently verified the accuracy or completeness of the data contained in these industry publications, reports or filings. Third party logos and brands included in this presentation are the property of their respective owners and are included for informational purposes only. Important Note Regarding Non-GAAP Financial Measures In this presentation we provide certain financial measures, including Net Revenue and Projected Net Revenue from operations, which have not been prepared in accordance with GAAP. Management believes this presentation, which it uses for its own analysis of operations, is useful in that it reflects the true economic performance of the business. If BetMGM presented these financial measures in accordance with GAAP, then BetMGM would present the revenues associated with its Nevada digital and retail sports betting operations differently, until such time as BetMGM is directly licensed as a Nevada gaming operator. Currently under GAAP, its calculation of Net Revenue would be on a basis net of operating costs, such that the GAAP reported Net Revenue would be lower than the Net Revenue reported herein, with Net Income remaining the same. BETMGM 2#3Agenda Business Review Financials Conclusion Adam Greenblatt Chief Executive Officer Q&A#4BetMGM firmly established as a top-tier operator in North America National Footprint 28 Active markets 23 Online markets¹ 38 Retail sportsbooks +++ Favorable Market Position Firmly established top 3 operator • 17% combined OSB and iGaming share² Leading Industry Recognition Digital Operator of the Year by the Global Gaming Awards Casino Operator of the Year by EGR North America and Online Casino of the Year by American Gambling Awards 1) BETMGM 2) Including Washington, D.C. Active market share by GGR for OSB and iGaming including only jurisdictions in North America where BetMGM is currently active. 4#5We're delivering against our 2023 guidance BetMGM remains on track to achieve 2023 NGR at the high end of previous guidance and positive EBITDA in 2H... Annual Revenue Growth ...driven organically by key initiatives $172M $846M $1.4B 125%+ CAGR $1.9B+ 2020A 2021A 2022A 2023E BETMGM 777) Technology upgrades Improved sports product Continued iGaming leadership Commitment to responsible gambling 5#6Single Account Single Wallet platform upgrade already providing benefits Retention & Engagement Player Value Acquisition 5x higher acquisition rate of existing BetMGM players 5x % of New State Players that were Existing Customers 1 Post-SASW Launch Pre-SASW Launch Multi-state players are 2.5x more active 2.5x Multi-state players are 1.5x more valuable than single state customers 1.5x Multi-State Customers Betting from >1 State² 2 Pre-SASW Launch Post-SASW Launch 3 Player Values Single-State Multi-State 1) BETMGM 2) 3) Proportion of players from market launch (measured in first 15 days) that had previously wagered with BetMGM in another market. Measured across two unique markets that launched in 2023, one pre-Single Account Single Wallet implementation and the other post. Multi-state player active betting sessions from more than one market measured year-over-year (comparing same period in 2023 versus 2022). Multi-state NGR per active vs. single-state NGR per active across all active BetMGM online markets; Ontario and Nevada excluded due to unique market circumstances (measurement period includes year-to-date through November versus the same period in 2022)..#7We made significant strides in improving our sports product this year + Speed: Meaningful improvements in loading speeds >25% increase in loading speed times¹ 9:41 Login Duration: 02:29 川 Ease of use: Upgraded UI/UX across registration and market discovery pages with improved payments functionality 70%+ of withdrawals coming from fast channels² BETMGM RC MICHIGAN =Sports Live 12 Search Deposit NFL MLB NBA MLS FIRST BET OFFER $1,500 Cowboys @ Eagles ⚫ Q4 9:16 Product Range: Expanded market coverage with greater availability and combinability 91% increase in SGP bets³ Margin: All while increasing margins supported by Angstrom's pricing and risk specialists BETMGM 2) 3) 1) Source: Largest Content Paint (LCP) UX metric from Google Core Web Vitals. Measurement period is through year-to-date November 2023. Measurement period is September and October of 2023 versus September and October of 2022. 9:41 Balance: $42.21 Straight SGP+ 1 5 Legs ฟล Close Parlay Round Robins YOU AND GE SGP+ 5 Legs SGP.2 Legs Cowboys @ Eagles Today 1:00 PM O Cowboys +2.5 Spread Spread о Total Money Over 49.5 Total +2.5 O 49.5 Cowboys - 12 -350 -110 -110 Add/Edit Picks -2.5 U 49.5 Eagles 24 -110 +260 -110 o Under 216.5 T Kelce + L. Fournette Combined Receiving Yards Add/Edit Picks Build Parlay All Markets > Drive Result Live Player Props Patriots-2.5 Spread Dolphins @Patriots Today 6:00 PM Total Stake DAL-PHI Next TD DAL-PHI Live Parlays Total Odds Potential Payout $64.33 Sports Casino Promos Account Place Bet +8040 +8040 +209 -110 X $Amount +8040 $448.70 Χ X 7#8Angstrom integration will transform our sports product Specialized U.S.-focused pricing and technology solutions... Player-Level, Simulation-Based Å ANGSTROM Market Depth & Breadth Full Integration in 2024 Modeling Providing differentiated capabilities... * Unique and proven player-level, simulation-based modeling 9:41 ฟล Login Duration: 02:29 NFL (14) 00 HIR 2nd 10:00 1st & 10, CHI 35 1 2 3 4 Bears 3 Vikings 7 Drive H2H Player Props Game Com Game Lines Full Game 1st Half Bears 1st Quarter Spread Total Money +3 43.5 +135 -110 Combined passing yards U 43.5 -160 -110 -110 * Enables BetMGM to expand range of product and market options Vikings Combined passing yards A Currently live across select major US sports BETMGM Kirk Cousins Justin Field Anytime TD scorer Passing yards Over Under 0405.5 U 405.5 -110 -110 Kirk Cousins + 0 Bet Slip My Bets RO J $64.33 Sports Casing Promos Account Justin Field Over Under O 405.5 -110 U 405.5 -110 00 8#9Market-leading gaming offering with differentiated content and omnichannel experiences ୦୦୦ m Unparalleled content library with 3,600+ games¹ 9:41 ประ 9:41 $6.00 SORRE $15.00 $3.75 $0.75 $1.50 $9.00 MEGA 5,000.00 $45.00 $12.00 $22.50 $150.00 $60.00 SORRY $30.00 MAJOR 500.00 BONUS MINOR 50.00 AWARDS AL San $1.20 $90.00 $300.00 $1500.00 $2.25 $3.00 1801 [] 777 Unique gameplay experiences, including the exclusive launch of Aristocrat's Buffalo and new Wheel of Fortune gaming brand Differentiated omnichannel gaming experiences such as Dual Play Roulette, which generates 75%+ higher win per unit vs. retail only tables² Largest progressive jackpots, with $125M+ in awarded prizes so far in 20233 BELLAGIO LUCKYTAR BET $3.00 + BETMGM 1) Represents total unique games across North American markets. Measurement period since launch (July 2023). 123 3) Measurement period is year-to-date through October 2023. WIN $1565.25 NHL BONUS CHOICE GOLD BLITZ K 4.00 10.00BONUS MAJOR BONUS 6.00 2.00 A 2.00 NHL BONUS BUY 9:41 ฟล The Godfather BUY BONUS K 10 10 A 10 A 10 40.00 QJ20.00 Q 4096 WAYS © 6#10We'll invest in 2024 and optimize for long-term, sustainable value creation Strategic Roadmap 1 Market-leading sports & gaming products Sports & iGaming Product • Sports: parlay offering, expanded market depth & breadth, UI/UX, frictionless user journey iGaming: personalized experiences, engagement tools & improved cross-sell, in- house games, omnichannel & dual play 3 Unique strength in omnichannel, particularly in Vegas C$500M EBITDA in 2026 Long-term OSB & iGaming share: 20-25% Data-Driven Acquisition & Retention • • Targeted player acquisition investment Disciplined focus on ROI Bonus optimization & player management Synergies from MGM and partnerships 2 Data-driven customer acquisition & retention Omnichannel Advantage in Las Vegas 4M+ unique visitors to MGM resorts in Las Vegas¹ 40M+ MGM Rewards members SUPER BOWL FORMULA 1 LAS VEGAS GRAND PRIX 2023 1) Represents visitors to MGM LV properties captured in the MGM database in the last twelve months. BETMGM • High-profile sporting events 10#11We have a proven strategy to make our gaming product even stronger Omnichannel Offering 10x MGM PLAY ONLINE. PLAY ONSITE. In-House & Exclusive Games MGM GRAND MILLIONS™ MGM GRAND 7 AK Increasing in-house development velocity will further enhance proprietary game library Expanding exclusive content library, sourced from MGM and exclusive IP partnerships, will improve BetMGM's differentiated customer experience Top Jackpots QJ PLAY HIGH ROLLER £000.0000000 £00.0000 £00.0000 Refresh in 8s ALL 4 ONE $122.14 Must Go Before $500 VIEW GAMES COMMUNITY CASH $9999.99 Must Go Before $10000 VIEW GAMES i Offering includes dual play roulette, live remote slots, and physical slots from top online titles Omnichannel titles account for 5 of Top 10 grossing slots¹ Finalizing approach for global jackpots, enhanced by BetMGM's scale, and poker shared liquidity launch imminent WELCOME TO MGM GRAND MILLIONS BETMGM RC MICHIGAN = Casino Live Dealer CORNELIUS Search Casino Recommended For You Based On What You Played REGAL RICHES Personalized Experiences Deposit • Table Games New Gan BLACKJACK change JEWEL DRAGON VALLEY OF THE TIGER TRIPL GOLD CHIC • Personalizing lobbies to provide unique product experience, including game recommendations and lobby re-ordering Offering player progression and accomplishment journeys, enhanced with rewards and unique experiences 1) Measurement period is year-to-date through 11/19/2023. BETMGM Engagement & Cross-Sell Tools $150.00 $37.50 $10.00 $100.00 $20.00 $25.00 $250.00 $2.00 $2500.00 $500.00 LIONS $1.25 $15.00 LIONS Driving increased engagement via best- in-class promotion mechanics Continuing to leverage sports content to drive cross-sell into iGaming LIONS SANDERS 90 11#12A clear roadmap for establishing sports product leadership 9:41 Parlay Products Deposit Bet Slip 8 ฟร Account Balance $100.00 Market Depth & Breadth Discovery & Personalization 9:41 Close < MLB (9) ▼ My Bets o Login Duration: 02:29 ฟร ** 3/5/24 1:05 PM Mets 0-0 Yankees 0-0 9:41 ฟร • Live 12 NFL MLB NBA Lions +140 -110 -110 +2.5 U 51.5 Chiefs -7 +115 -110 -110 Build Parlay All Markets > Popular parlay ^ Made For You Parlays SGP+ 8 Legs Signature H2H Props Game All +112 2 SGPS, 2 Straights $ Add Stake Game Lines Edit Parlay V Spread Total Money SGP 3 Legs +112 -1.5 O 9.5 $ Add Stake l Mets +140 -110 -110 Edit Parlay V +1.5 U 9.5 Yankees +115 -110 -110 SGP 3 Legs +112 $ Add Stake Spread Bets 1.5 Total (o/u) 9.57 Money Bets 1 65% 35% 0 71% 29% U 62% 38%解 Edit Parlay V Straights (8) × Bam Adebayo To Score 10+ Points MIA Heat @BOS Celtics -4000 $ Add Stake X BOS Celtics -7.5 -110 $ Add Stake Spread Total Stake $-- Total Returns $---- Place Bet $0 Francisco Lindor (NYM)- 1st Plate Appearance Walk -110 Strikeout -110 Single Double -110 -110 Triple Bet Slip +273 $10.00 pays out $37.27 Today 4:05PM Afternoons are for the birds. All are home favorites and on winning streaks. Ravons to Win vs Chargers Eagles to win vs Dolphins Falcons to Win vs Broncos $10.00 pays out $68.14 +581 NFL ^ • Q2 8:40 ML Made For You Can each of th looking to exte Coltics to Timberwo Bucks to " Spread Total Money +3 O 42.5 Panthers 21 +130 -110 -110 -3 U 42.5 Saints 3 -155 -110 -110 $10.0 Improved Betting Journeys 9:41 NFL (8) v Today Texans 00-00-0 8:20 PM Starting In 00min Neutral Venue Ravens 00-00-0 All Markets Game Lines SGP Quick SGP H2H Player Spread Total Money Texans 00-00-0 +9.5 -105 O 44.5 +340 -110 Ravens -9.5 00-00-0 -110 U 44.5 -110 -450 Anytime TD scorer Balance: $30.00 Close $10.00 pays out $130.07 $148.08 X4 Leg Parlay SGP +1201 $5.00 Ravens-9.5, Lamar Jackson, Lamar Jackson O 42.5, David Mills U 42.5 To Return: $65.00-$74.06 +5 +10 +20 +50 +100 All Markets > 1 2 Build Parlay Q2 10:00 Spread Total Money +9.5 O 44.5 Home Run 0 Bet Slip My Bets Sports Casino Promos $64.33 Account My Bets Sports Casino Promos $64.33 Account One-of-a-kind modeling capabilities will improve parlay product, offering heightened flexibility and combinability Player level simulation-based modeling will provide expansive pre- and live-betting market opportunities Enhancing player experience with data-driven, high personalized bet recommendations BETMGM • 5 OK 6 7 8 9 0 ☑ 15% Parlay Boost 20% for 5 legs, 25% for 6 legs & more View in Betslip Place Bet $5.00 Reducing friction and accelerating speed with "quick bet" and improved wagering functionality embedded directly into bet slip 12#13Best positioned to capitalize on strength and potential of omnichannel, in Vegas and beyond BETMGM REWARDS POWERED BY MGM REWARDS MGM guest signs up 1 for BetMGM Player enrolled in BetMGM Rewards and given MGM Rewards Player returns to MGM property, with digital BETMGM status recognized and POKER 1) BETMGM points available to reduce cost of visit 4 "MGM" brand relationship cemented. Cycle repeats starting with #2 in flywheel BETMGM MGM REWARDS. 2 INTEGRATED LOYALTY MARRIOTT BONVOY SUPER BOWL COLLABORATION DATA on BetMGM Player's BetMGM wallet reflects rewards earned from online play Player returns home and continues playing MGM GRAND MILLIONS AJ 011 BELLAGIO EBEE FORMULA 1 LAS VEGAS GRAND PRIX 2023 OMNICHANNEL MARKETING 3x higher player value from omnichannel players vs. digital only¹ 3 BetMGM and MGM collaborate to create marketing offers to incent another visit to an MGM property BETMGM OFFICIAL SPORTS BETTING PARTNER Represents average monthly omnichannel player NGR vs. non-omnichannel players (year-to-date through 11/15/23); Omnichannel players are players that have placed both a retail and a digital wager within the last twelve months. 13#14Unlocking omnichannel will deliver significant return on investment Non-MGM Sourced MGM Sourced¹ ☐ Future State Target 100% 27% CPA 136% 100% Predicted NGR 1) MGM Sourced players acquired from January to October 2023 via on-site registrations and other directly attributable marketing sources. BETMGM Predicted Marketing ROI is 5x higher for MGM-sourced players 1 14#15Agenda Business Review Financials Gary Deutsch Chief Financial Officer Conclusion Q&A#16On track to achieve 2023 financial goals and targeting approximately $500M EBITDA in 2026 $1.9B+ Est. FY 2023 Net Revenue¹ Q2'23 First EBITDA Positive Quarter 2H'23 Expected EBITDA Positive $1.26B Capital from Parents; 2024+ Self Funding 1) BETMGM ~$500M $172M 2026 EBITDA Estimate 2020A Annual Revenue Growth $846M 2021A Net revenues are based on how management analyzes the true economic performance of the business, which are not prepared in accordance with GAAP. Refer to page 2 for additional detail. $1.4B $1.9B+ 2022A 2023E 16#17Looking at 2023, business is developing as we have projected 39% Revenue Growth 18% Digital Same-State Growth (Sports > iGaming) Note: Metrics reflect the year-to-date period through Q3. BETMGM ~2X ~10% OSB NGR Margin NGR/Active Growth (Players Acquired 2021 and Prior) Bonus Optimization Increased Parlay Engagement Player values increase over time as cohort vintages age 17#18Stacking of individual markets creates a rapidly growing business... NGR Growth By State Vintage NGR ($M) +51% +17% +10% +74% +200% 2021A 2022A 2023E Before 2021¹ 20212 20223 20234 1) "Before 2021" cohort includes - NJ, NV, WV, IN, CO, TN, PA. BETMGM 2) "2021" cohort includes - IA, MI, VA, DC, WY, AZ. 3) "2022" cohort includes - NY, LA, IL, ON, KS, MD. 4) "2023" cohort includes - OH, MA, PR, KY. 18#19...that is delivering increasing levels of contribution Contribution Growth By State Vintage Cont. ($M) +181% Before 2021 1 +127% 2021A Promotions (2023E vs. 2022A): 2022A -1,200 bps reduction (% GGR) 2023E 2 2021 20223 20234 1) "Before 2021" cohort includes - NJ, NV, WV, IN, CO, TN, PA. BETMGM 2) "2021" cohort includes - IA, MI, VA, DC, WY, AZ. 3) "2022" cohort includes - NY, LA, IL, ON, KS, MD. 4) "2023" cohort includes - OH, MA, PR, KY. 19#20Long-term EBITDA margin of 30%+ supported by cost advantages from MGM and Entain Structural Cost Advantages People/ G&A Fixed infrastructure established - beginning to gain leverage Gaming Taxes Material reduction in the effective tax rate with bonus optimization + cohort maturity Payments / Direct Costs² Leveraging increased scale (often alongside Entain scale) in vendor negotiations Marketing MGM Brand and omnichannel relationships 1) Measurement period is year-to-date through Q3 vs. the same period in 2022. BETMGM 2) Direct costs include market access, geolocation, KYC, royalties, and datacenter costs (excludes people). Resulting Benefits Benefitting from parent capabilities - technology, customer management, compliance YTD through Q3 effective tax rate 520 bps lower than prior year¹ Lower effective rates with suppliers National advertising and differentiated partnerships 20#21Agenda Business Review Great team delivered strong financial performance at the top end of 2023 revenue guidance and EBITDA profit in the second half Clear 2024 investment strategy to drive growth: Best product, Increased player acquisition & retention, Activating omnichannel Financials Conclusion Q&A Targeting $500 million EBITDA in 2026 Long-term targets remain at 30%+ EBITDA margin and 20-25% market share#22BETMGM Questions & Answers To ask a question, please connect via the live audio dial-in details below: US Participant Toll-Free Dial-In Number: +1 (888) 440 3307 US Participant Toll Dial-In Number: +1 (646) 960 0787 UK Participant Dial-In Number: +44 (0)800 358 0970 Conference ID: 7129324