DraftKings SPAC Presentation Deck

4 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

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