Skillz SPAC Presentation Deck

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#1skillz#2DISCLAIMER 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 Skillz Inc. ("Skilte or the "Company or Flying Eagle Acquisition Corp (FEAC) or any of their respective affiliates. The Investor Presentation has been prepared to assist investers in making their own evaluation with respect to the proposed business combination, as contemplated in the definitive merger agreement entered into by FEAC and Skills, 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 informatice contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance. FLAC and Skillz 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. FEAC, which will be renamed Skillz Inc. at closing (New Skillz" intends to file a registration statement on Form 5-4 (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 mied at the meeting of FEAC deckholders to appenve the proposed business combination Investors and security holders of FEAC are urged to read the proxy statement prospectus, any amendments thereto and other relevant documents that will be filed with the SLC carefully and in their entirety when they become available because they will contain important information about Skillz, FLAC and the proposed business combination. The definitive proxy statement prospectus will be mailed to stockholders of FEAC 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 auch documents are filed with the SEC, without charge, at the SEC's website at www.sec.gm.or by directing a request toc [email protected]. Participants in the Solicitation FEAC and its directors and executive officers may he deemed participants in the solicitation of prosies from FEMC'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 FEAC is contained in the final prospects for FEAC's initial public offering, which was filed with the SEC on March 6, 2020, and is available free of charge at the SEC's web site at www.soc.gov, or by directing a request to Flying Eagle Acquisition Corp. 2121 Avenue of the Stars, Suite 2100, Los Angeles, California 90067, Attention: Eli Haker, 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 Skille and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of TEAC in connection with the proposed business combination. A list of the names of such deectors and executive officers and information regarding their interests in the business combination will be contained in the Registration Statement for the niness 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 securities in any state of jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus mecting the requirements of Securities Act of 1933, as aneeded, or an exemption therefrom Industry and Market Data This presentation includes information and statistics regarding market participants in the sectors in which Skille competes 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, SMC or symbols, but FEAC and Skille 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 Use of Non-GAAP Financial Measures This presentation includes non-GAAP financial mesures FLAC and Skille 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 Skilla's management to assess its performance, FLAC and Skillz believe that the use of these non-GAAP financial measures provides an odditional tool for investors to use in evaluating ergeing operating results and teads. These nee-GAAP measures should not be considered in isolation from, or as an abiemative to financial measures determined in accordance with GAAP Other companies may calculate these non-GAAP financial measures differently, and therefore sach financial measures may not be directly comparable to similarly tiled measures of other companies skillz#3DISCLAIMER (CONT) Projections This Investor Presentation contains projected financial information with respect to Skille, including Skilte's projected GMV, Take Rate, Revenue, Gross Profit, Contribution and EBITDA for 2020-2022 Sach projected financial information constitutes forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily indicative of future results. The assumptions and estimates underlying such projected financial infonnation are inherently uncertain and subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the projected financial information. See "Forward Looking Statements and Investment Considerations" paragraph below, Actail results may differ materially from the resuls contemplated by the projected financial information contained in this levedor Presentation, and the inclusion of such information in this Investor Presentation should not be regarded as a representation by any person that the results reflected in such projections will be achieved. Neither the independent auditors of FEAC nor the independent registered public accounting firm of Skille audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this invester Presentation, and, accordingly, neither of the expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this Investor Presentation Forward Looking Statements and Investment Considerations This presentation also contains forward-looking statements, which may be identified by such words as "may", "plane", "expects", "believe", "anticipates and similar expressions, or by their context. These statements are made on the basis of current knowledge and, by their naare, involve mamorous axsamptions and uncertainties. Nothing set forth herein should be regarded as a representation, warranty, or prediction that FEAC or Skolls will achieve or are likely to achieve any particular future result. Various factors could cause actual future resalts, performance or even so differ materially from those described herein. This prosentation 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 gesing in various states Changes in U.S. federal, US state, and non-US gaming laws and regulations, their interprctation, 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, emors, or failures in our products, services, computer systems, and software, which could expose us to financial and legal ham and adversely affect our operating results and growth prospects Our integration of, and realization of anticipated benefits, including synergies from, acquisitions 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 mobile gaming of the rnure underlying the business of Skillz 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 presentation 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 maut rely on your own examination of FEAC ar Skillz or in this presentation, including the merits and risks involved, and not on any representation made or alleged to have been made by FEAC or Skille. 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, of 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 detribution 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. skillz#4Investor Presentation September 2020 skillz THE FUTURE OF ENTERTAINMENT#5skillz SKILLZ EXPANDS THE GAMING ECOSYSTEM al Developers to share their art with the world Gamers to connect through meaningful competition#6skillz SKILLZ IS THE COMPETITION LAYER FOR THE INTERNET a $1.6B Gross Marketplace Volume (GMV) 6.5 2B tournaments per year Note: GMV means the total entry fees paid by users for contests hosted on Skillz's platform and is based on 2020 estimates. Tournaments based on number of tournament entries in Q2 2020 multiplied by 4.#7skillz WE BUILT SOMETHING GAMERS DON'T JUST LIKE, THEY LOVE FRO POOL 8 PLAY ULTIMATE & BALL 5#8FULFILLING A HUMAN DESIRE FOR COMMUNITY AND COMPETITION Generating 70% more engagement than the #1 mobile game skillz skillz ✔Tik Tok [f] You Tube Candy Crush Mobile Gaming Average MINUTES PER USER PER DAY 17 28 37 41 40 52 62 Note: Based on Skillz Data for calendar year 2019 and publicly available information.#9skillz WE'VE REDESIGNED MOBILE GAMING TO BRING DEVELOPERS AND GAMERS TOGETHER More engagement = more revenue Gamers skillz More content = more engagement | Developers 7#10BEST-IN-CLASS RESULTS AND RECOGNITION $225M '20E Revenue Forbes THE NEXT BILLION DOLLAR STARTUPS 2018 88% '19-'20E growth rate CNBC DISRUPTOR 50 2017 2019 4.7x 3-Yr LTV /UAC Entrepreneur 100 BRILLIANT COMPANIES 4 mos. Payback Period FASTEST G AMERICA'S #1 2017 RIVATE GROWING S Note: 3-year Lifetime value (LTV) is defined as cumulative gross profit from a paying user over a 3-year period. User Acquisition Cost (UAC) is defined as total user acquisition marketing spend divided by new paying users acquired in that period. Payback period is the number of months of LTV to recoup UAC 3-Year LTV based on average of 2018, 2019, and 1H 2020 cohorts UAC based on weighted average user acquisition cost for 2018 2019, and TH 2020 skillz 8#11skillz Skillz makes gaming better for everyone with a proprietary, highly scalable SOFTWARE PLATFORM 9#12skillz COMPREHENSIVE TECHNOLOGY PLATFORM Gamer competition engine Live ops system Network data science technologies fl Developer console 10#13GAMING PLATFORM Key Features skillz Tournaments and leagues Player rating & & and matching go Anti-cheat & anti-fraud Social features Loyalty rewards Payments Content discovery 24/7 support 11#14skillz THE MOBILE GAMING MARKET IS THE FUTURE OF ENTERTAINMENT 12#15'14-'19 CAGR GAMING HAS ECLIPSED MOVIES, MUSIC, AND BOOKS MOVIES $43B 6% MUSIC $57B 5% BOOKS $123B 2% GAMING $149B MOBILE $68B 12% Source Newzoo, PWC, Grandview Research. skillz Note:OTT="over the top" (i.e. streaming media offered directly to viewers via the internet. Movies - Global Film Box Office. 20% TELEVISION $294B 2% OTT $45B 13#16skillz ANYONE CAN EMBRACE THEIR INNER CHAMPION 14#17$100K- $150K $75K- $100K 11% skillz $150K+ 9% 30% OUR DEMOGRAPHIC IS THE MASS MARKET $50K-$75K 7% <$25k 10% Income 33% $25K- $50K 43% Male Female 57% Gender 56-65 46-55 15% 23% 66+ 15% Age 18-25 10% Source: Income and Age demographics from Axciom survey data of paying users (2018). Gender demographics from Ad Network install data (2019). 23% 22% 26-35 36-45 15#18BUSINESS MODEL skillz GAMER 1 YOU WIN! GAMER 2 YOU LOSE $0.60 Entry Fee $0.60 Entry Fee $1.20 ($1.04) $0.16 x 95% $0.15 $0.11 GMV Dev Profit Share, Prizes & Incentives Revenue (14% take-rate) Gross margin Gross profit Operating expenses (1) $0.04 Contribution (25% margin) (1) Includes all operating expenses (fixed and variable) except for user acquisition costs. Based on 2019 actual margin structure. 16#19GAMING FOR GOOD (G4G) Skillz enabled Komen® to reach an entirely new demographic skillz 23% More Raised by Skillz than Komen expected 25K+ New non-profit donors across 10 events # of Skillz Charity Donors 1200 900 600 300 18 23 skillz 28 33 38 43 48 53 Age 58 63 susan G. Komen FOR THE Cure. 68 73 78 83 17#20skillz MORE GAME DEVELOPERS EQUALS MORE GAMES 30,000 (2009) Game Developers 10 million (today) Game Developers 18#21skillz THE OLD BUSINESS MODELS DON'T WORK ANYMORE 19#22skillz THE OLD BUSINESS MODELS Ads interrupt gameplay A In-game purchases lock users out of content ("pay to win") 20#23skillz $21.00 $4.85 $0.25 #1 EXPLOSION IN GAME CONTENT MAKES IT HARD TO GET DISCOVERED Revenue Per Install (RPI) for the best iOS game in the world: $21 GAME RANK BY REVENUE PER INSTALL Source: App Annie and Liftoff Avg. Cost Per Install (CPI): $4.85 (2019) Avg. Cost Per Install (CPI): $0.25 (2014) #1,000,000 21#24WE ARE REDEFINING ENTERTAINMENT skillz S 22#25迎 PR skillz GAMERS DEVELOPERS WHAT THEY VALUE ဂိဂိ Community Fun Discovery Monetization WHAT OLD MODELS DELIVER Pay to win A Interruption Broken economics Gimmicks 23#26迎 skillz GAMERS DEVELOPERS WHAT THEY VALUE ရို့ Community 8 Fun Discovery Monetization HOW SKILLZ DELIVERS 222 3 Meaningful connection Fair competition Network exposure Financial Success 24#27DEVELOPER SOLUTIONS Key Features skillz 国 Anti-fraud and payments Event ops Marketing- as-a-service Game launch optimization Customer support Managed server hosting Prize fulfillment Analytics skillz Your Games Analytics Statements Documentation Downloads Support Forum & Account Log Out Overview Tigers vs Lions by Unnamed Creator edit unity Aynchro turnaments alemantation DV22015 Optimize integration Analytics Integration Status Basic integration Complete Next Step: Customize your theme Games with custom themes tend to have higher daily engagement with players. Game Analytics DAU Daly Active U Customize Theme Games Played 25#28LIVE OPERATIONS Key Features skillz Multi-variate testing Cross-application personalization Charity events Player incentive optimization Lifecycle engagement marketing Brand- sponsored tournaments ARPU (2019) $8.00 $6.00 $4.00 $2.00 $0.00 SUPERIOR MONETIZATION $6.30 Skillz $1.70 ZNGA & GLUU Average Note. Based on simple average mobile ARPU for Zynga (91,51) and Glu Mobile ($1,89) in 2019, The ARPUL or Average Revenue Per Monthly Active User, for Zynga and Glu Mobile is calculated as the average monthly revenue (annual revenue divided by 12) per average monthly active user. 26#29skillz ☆ Anti-cheat and anti-fraud OUR PLATFORM IS UNDERPINNED BY DATA SCIENCE 88 Player rating and matching Algorithmic skill vs. chance testing Segmentation engine 27#30skillz DEVELOPERS CAN MAKE A LIVING DOING WHAT THEY LOVE 28#31skillz #1 #2 #3 #4 #5 HEALTHY AND GROWING DEVELOPER ECOSYSTEM 2016 2017 2018 21 2019 21 1H'20 21 7 # OF GAMES >$1M ANNUALIZED GMV 2016 10 2017 15 2018 23 2019 34 1H'20 29#32skillz CAPITAL EFFICIENT WITH COMPELLING ECONOMICS 30#33GENERATING PROFITABLE GROWTH WITH CAPITAL EFFICIENCY $104M Total Capital Invested* skillz $132M Cash + Undrawn Debt* $4B $3B $2B $1B * As of June 30, 2020. Undrawn debt based on $30M Revolving Credit Facility plus $30M Mezzanine Term Loan. $3.8B GMV SOB 2016 2017 2018 2019 2020E 2021E 2022E $0.6B $0.5B $0.4B $0.2B $0.1B $555M Revenue SOB 2016 2017 2018 2019 2020E2021E2022E 31#34skillz ROBUST OPPORTUNITIES TO INVEST IN GROWTH New Monetization + International TAM: $125B+ + New Genres TAM: $24B +Android TAM: $158 1.5% share Monthly Gamers x Skillz ARPU iOS Market Opportunity: $8B Note: TAM = Total Addressable Market. Grow ARPU Go Global Expand Content Unique Distribution 32#35PROPOSED TRANSACTION SUMMARY skillz Flying Eagle Acquisition Corp. ("FEAC") is a publicly listed special purpose acquisition company with over $690 million of cash in trust FEAC has agreed to combine with Skillz based on a $3.5 billion pre-money equity value ■ Historical annual revenue growth of over 100%¹ . Andrew Paradise will hold approximately 18% of the equity post-transaction . 24-Month Lockup: Substantially all shares held by existing Skillz stockholders and the Founder group subject to a 24-month lock-up period with limited 1.5m share quarterly releases per stockholder commencing 180 days post-closing Skillz will maintain, post-closing, a dual class stockholder structure with super voting rights for Andrew Paradise at a ratio of 20:1 . After giving effect to the transaction, the company will have approximately $250 million of unrestricted cash with public equity currency to accelerate growth . Total merger consideration to Skillz stockholders of $3.5 billion, which is expected to be comprised of $609 million in cash consideration (assuming no redemptions) and the remainder in stock issued by FEAC . Andrew Paradise and Casey Chafkin, founders of Skillz, have indicated they currently intend to receive substantially all of their merger consideration in the form of stock skillz Illustrative Sources and Uses ($ Millions) Sources FEAC Cash in Trust PIPE Proceeds Sellers Equity FEAC Sponsor Uptront Shares Existing Skillz Cash on Balance Sheet Total Sources Skillz Stockholders Notes: 11 Based off 2018A to 2020E revenue CAGR, 2 Post-transaction ownership excludes shares subject to earn-out $ 690 159 3,500 72 66 $ 4,487 58% Uses Cash on Balance Sheet Cash to Skillz Stockholders Sellers' Equity FEAC Sponsor Upfront Shares Transaction Expenses Post-Transaction Ownership² Total Uses 18 % FEAC Stockholders 18% $ 250 609 3,500 Founder/CEO 4% PIPE Investors 2% FEAC Sponsor 72 56 $4,487 33#36APPENDIX: COMPARABLE COMPANIES BENCHMARKING 2020E - 2022E Revenue CAGR 60% 57% 30% 0% 30.0x 15.0x skillz 0.0x 60.0x Skillz 0.0x 6.2x 30.0x.......... Skillz 6.4x 45% 27.9x 40% DraftKings Shopify MercadoLibre 49.9x 12.4x Shopify DraftKings 38% www.me 26.3x 10.4x Wix 17.1x 35% Snap 9.5x Snap 16.0x 35% 8.9x Roku EV/2022E Revenue 33% 15.3x Skillz Shopify DraftKings Square Mercado Libre Roku Note Factset, Company Filings, Thomson, Market Data as of July 28, 2020. EV means Enterprise Value 1. Skillz implied multiples based on a $3.5Bn pre-money equity value Pinterest Square MercadoLibre Etsy EV/2022E Gross Profit 7.7x 15.2x 28% Tencent 7.4x Paypal 15.1x Paypal 24% Wix 7.2x Roku 15.1x Wix PERING 21% Tencent 7.1x Square 15.0x Snap 19% Etsy 6.8x Tencent 11.1x Etsy Peer Median: 33% 18% Paypal Peer Median: 7.7x 6.7x Pinterest Peer Median: 15.2x 9.3x Pinterest 34#37APPENDIX: COMPARABLE COMPANIES BENCHMARKING Gross Profit Revenue Multiple Multiple (Growth Adj.) EBITDA Multiple 2021E 2022E 2021E 2022E 2021E 2022E skillz High Growth Internet Tencent Paypal Shopify Square MercadoLibre Snap Roku Pinterest Wix DraftKings Etsy Average Median Enterprise Value $673,878 $120,323 $208,185 $211.065 $61,613 $51,872 $37,840 $19.638 $14,674 $15,453 $12,865 Equity Value Revenue Growth Gross Margin EBITDA Margin Revenue Multiple 2021 2022 2021 2022 2021 2022E 2021E 2022E $13,003 $675,269 $122,778 $62,866 $53,740 $37,778 $20,059 $16,411 $15,855 $14,230 $13,107 22% 37% 38% 24% 51% 18% 31% 20% 18% 30% 31% 20% 30% 31% 50% 68% 55% 64% Č 69% 55% 36% 28% 8% 8 8 (19%) 24% 11% 37% 28% 10% 15% 21% 10% $ 8.1x 6.8x 26% 16% 15% 8.7% 40.6x 9.2x 12.3x 12.6x 9.8x 8.8x 13.0x METEN (5%) 17.2x 9.2x 10.9x 9.8x 7.4x 9.4x 27.9x 7.1x 8.9x 9.5x 7.2x 6.7x 17.9x 15.2x 0.39x 0.32x 12.4x 17.8x NM 22.1x 24.6x 21.7x 22.1x 12.8x 15.1x 49.9x 16.0x 17.1x 0.33x 15.0x 15.3x 9.3x 10.4x 18.2x 15.1x 0.49x 0.42x 34.8x 26.3x 1.00x 0.36x 0.32x 0.23x 0.27x 0.53x 0.69x 0.28x 0.21x 0.38x 0.26x 0.49x 7.7x 8.4x 7.7x 20.0x 15.2x 0.38x 13.7x 11.1x 20.6x 15.5x 0.39x 0.27x 0.21x 0.43x 0.28x 22.4x 18.4x 31.2x 26.1x NM NM NM NM NM NM NM NM NM NM NM 46.5x NM NM NM NM 0.41x 38.7x 29.1x 0.30x 30.8x 30.0x 0.28x 31.2x 27.6x Skillz Implied Multiples 63% 0.16x 0.11x Note: Factset, Company Filings, Thomson, Market Data as of July 28, 2020; "Shopify multiples excluded from average: Revenue Multiple (Growth Adj) calculated by (Revenue Multiple)/(2020E - 2022E Revenue CAGR 100), NM means multiple >50x or <0x 1 Skillz implied multiples based on a $3.5Bn pre-money equity value 35#38APPENDIX: PEL SUMMARY skillz ($ in Millions) GMV Take Rate Revenue Gross Profit Contribution 2017 (3) $120 14% 2018 14% $365 $886 $1,566 2019 $51 $49 14% $17 $16 -$3 $6 Adj. EBITDA -$10 -$18 -$23 -$47 (1) Take Rate is defined as the percentage of the entry fees retained by Skillz for each paid contest after prizes and incentives for players and profit share to developers. (2) Contribution is defined as Adj EBITDA before User Acquisition Cost (3) Ad). EBITDA is defined as EBITDA before non-recurring items and stock-based compensation. $120 2020E $114 $29 14% $225 $216 2021E $82 $2,519 15% $366 $352 $156 -$14 2022E $3,790 15% $555 $534 $245 $8 36#39APPENDIX: CONTINUED MOMENTUM IN 1H 2020 GMV Revenue MAU (1) ARPU (2) Q1 '20 $306M $44M 2.6M $5.57 Y/Y 63% 67% 102% Q2'20 $413M $59M 2.6M $7.72 Y/Y 101% 111% 88% (1) Monthly Active Users refers to the number of end-users who entered into a contest on our platform at least once in a given month, averaged over each month in the quarter skillz (2) Average Revenue Per Monthly Active User ("ARPU) refers to the average revenue in a given month divided by MAU in that month, averaged over the quarter. 37#40APPENDIX: LONG TERM MODEL skillz GMV Take Rate Revenue Gross Margin Adj. EBITDA Margin TODAY 100% 14% 100% 95% -20% LONG TERM 100% 20% 100% 95% 30% 38#41APPENDIX: SKILL VS. CHANCE GAMES Skillz uses a patented Skill Classification Algorithm to determine skill of video game Skillz Patent: US 8882576 B1 • Authored by Dr. Peter Winkler: Professor of Math, Statistics, and Computer Science at Dartmouth • Classifies a game as a game of skill or a game of chance by examining the distribution of player score outcomes • Determines the skill factor in a game based on whether a player is able/ unable to improve over time (e.g., slots vs. chess) Skillz games are similar to physical sports including pool, golf and bowling Games of Skill Positive Correlation X Games of Chance No Correlation skillz Note: In the graphs above, the X axis represents the time spent playing the game and the Y axis represents the score achieved. COMPLIANCE REVIEWS BY LEADING PARTNERS VISA amazon.com f bmm testlabs worldpay NSW New South Wales Government GOVERNMENT mastercard WELLS FARGO PayPal Braintree LEWIS ROCA ROTHGERBER 39#42skillz

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