1. Past, Present and Future Warwick Bartlett, CEO Global Betting & Gaming Consultants

2. GGY per Capita in 2013 (US$) Source: GBGC’s Global Gambling Report

3. Las Vegas Strip Casino GGY (US$bn) 2005-2014 Source: GBGC’s Global Gambling Report

4. Greece Casino GGY (€m) 2005-2014 Source: GBGC’s Global Gambling Report

5. GBGC 50 vs iGBGC Index Jan/05 – Oct/15 Source: GBGC’s Global Gambling Report

6. GBGC – Consulting, Data, Reports, Feasibility, Research

7. Gambling Tax: The Only Way Is Up JurisdictionTax Change Neuquen, ArgentinaGaming tax increased from 16% to 22% in 2014 BulgariaLottery tax raised from 12% to 15% of sales (2011) Massachusetts, US5% tax on lottery and betting wins over $600 South Africa1% levy on GGY instead of new winnings tax Spain20% tax on lottery prizes over €2,500 ArmeniaGaming duties increased from 2013 CroatiaTax on gambling winnings increased twice, in April 2014 and then again from January 2015 for betting winnings 7

8. Gambling Tax: The Only Way Is Up cont. JurisdictionTax Change Western Cape, South AfricaTiered casino tax increased by 2 percentage points for each rate (March 2013). PanamaCasino tax raised twice, from 10% in 2010 to 15% in 2012; machine tax raised several times from 10% in 2010 to 22% in 2014 MexicoGaming tax up from 20% in 2008 to 30% in 2010 FinlandLottery tax on slots and casinos up from 8.25% to 10%, horse racing tax up to 10%, all from 2012 RomaniaWinnings and admissions tax up from 2010 MacedoniaGaming taxes increased, winnings tax introduced from 2013 UKPoint of consumption tax of 15% on gross profits for remote gambling from 1 December 2014 8

9. Gambling Tax: The Only Way Is Up cont. JurisdictionTax Change New York, US5% tax also applied to out-of-state ADW operators 1 January 2014 Kenya20% on gambling winnings from 2014 UkraineWar tax on lottery prizes announced in late 2014 ItalyAWP and VLT tax in effect from January 2015, proposal to increase the rates in autumn 2015 IrelandOnline gambling tax introduced in August 2015 Czech RepublicTaxes for bookmakers proposed to increase to 23% and to 28% for slot machines from 2016 VietnamA proposal to increase special consumption tax for casino from 30% to 35% from 2016 9

10. Gambling Tax: The Only Way Is Up cont. JurisdictionTax Change Italy20 to 25% Gross Profits Belgium11% Gross Profits Denmark20% Gross profits Spain25% Gross profits FranceSports 9.3% Horses 13.2% Poker 2% Cash Game Pot VAT 20% Germany5% tax amount staked for sports and lotteries. VAT at 19% for egaming. IrelandVAT Ireland 23% 10

11. GBGC – Consulting, Data, Reports, Feasibility, Research

13. Combined Effect – Tax Increase and Recession Tough for smaller operators Fewer start-ups On-shore trying to marginalise off-shore Complex and costly regulation Consolidation (37 deals worth US$32bn in 18 months)

14. However... Paddy Power, Betfair and Bet 365 produced shareholder value in excess of US$18bn in 10 years

15. Operator Concerns with Regulation Dormant accounts Common standards Suspicious transaction reporting

16. GBGC – Consulting, Data, Reports, Feasibility, Research

17. I will clog your arteries and cause a stroke or heart attack!

18. GBGC – Consulting, Data, Reports, Feasibility, Research

19. www.gbgc.com

20. Thank you! www.gbgc.com Warwick Bartlett CEO warwick@gbgc.com