DraftKings SPAC Presentation Deck

4 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

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