Investor Presentaiton

Long-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

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