Introductory slides for a panel discussion on the Politics of iGaming at the National Indian Gaming Association 2017 Trade Show in San Diego, California, April 11, 2017.

1. Politics of iGaming in 2017
N I G A T R A D E S H O W S A N D I E G O , C A A P R I L 1 1 , 2 0 1 7
7/24/2017 VICTOR-STRATEGIES 1

2. 7/24/2017 VICTOR-STRATEGIES 2
Cumulative GGR Northeast US
$0
$2
$4
$6
$8
$10
$12
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Billions
MD
PA
ME
NY
RI
DE
WV
CT*
NJ
Sources: State Gaming Commissions

3. 7/24/2017 VICTOR-STRATEGIES 3
$11.0
$12.8
$14.7
$16.8
$19.5
$22.6
$24.9
$26.1
$26.7 $26.5 $26.5
$27.2
$27.9 $28.0 $28.5
$29.9
$-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
US Tribal Gaming
$Billions
Source: National Indian Gaming Commission
Indian Gaming Revenue past 15 years

4. 7/24/2017 VICTOR-STRATEGIES 4
58.6%
50.3%
34.2%
41.4%
49.8%
65.8%
25%
30%
35%
40%
45%
50%
55%
60%
65%
70%
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Gaming %
Non Gaming %
Sources: UNLV Gaming Research Center, Nevada Gaming Control Board
Las Vegas Strip Revenue past 32 years

5. 7/24/2017 VICTOR-STRATEGIES 5
$18.72
$0.82 $0.57
$0.19
$-
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
New Jersey
Nevada*
Delaware
Millions
U.S. iGaming Revenues to Date
Source: New Jersey Division of Gaming Enforcement

6. 7/24/2017 VICTOR-STRATEGIES 6
$6.02
$8.57
$12.48
$16.48
$3.44
$2.99
$2.15 $2.34
$-
$2
$4
$6
$8
$10
$12
$14
$16
$18
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Casino
Poker
Casino vs. Poker Revenue
Source: New Jersey Division of Gaming Enforcement

7. 7/24/2017 VICTOR-STRATEGIES 7
NJ Gaming Licensee Platform Provider Sites/Skins Products URLs
bwin Casino/Peer to Peer Poker www.NJ.Partypoker.com
Casino www.borgatacasino.com
Peer to Peer Poker www.borgatapoker.com
Casino www.palacasino.com
Bingo www.palabingousa.com
NYX Caesars Casino www.CaesarsCasino.com
Harrah's Casino www.HarrahsCasino.com
us.888.com
us.888poker.com
us.888casino.com
WSOP Casino/Peer to Peer Poker www.WSOP.com
www.goldennuggetcasino.com
nj-casino.goldennuggetcasino.com
GAN Betfair Casino www.betfaircasino.com
Rush Street Interactive SugarHouse Casino www.playsugarhouse.com
Resorts Casino www.resortscasino.com
Mohegan Sun Casino www.mohegansuncasino.com
PokerStars PokerStars Casino/Peer to Peer Poker www.pokerstarsNJ.com
Tropicana Casino www.tropicanacasino.com
Virgin Casino www.virgincasino.com
Trump Plaza Game Account/Betfair Betfair Casino/Peer to Peer Poker www.betfaircasino.com
Trump Taj Mahal Ultimate Casino Ultimate Casino Casino/Peer to Peer Poker www.Ucasino.com
Resorts Digital Gaming
NYX
Tropicana GameSys
Caesars Interactive Entertainment
888 888 Casino/Peer to Peer Poker
Golden Nugget
NYX Golden Nugget Casino
New Jersey iGaming Landscape
Borgata
GVC/bwin
Borgata
Pala Interactive Pala

8. 7/24/2017 VICTOR-STRATEGIES 8
$8.4
$122.0
$136.3
$188.1
$220.0
$0
$50
$100
$150
$200
$250
2013 2014 2015 2016 2017P
Millions
iGaming Net Revenue
N.J. iGaming Net Revenue
Source: New Jersey Division of Gaming Enforcement

9. 7/24/2017 VICTOR-STRATEGIES 9
$1.3
$18.5
$22.4
$29.5
$0
$5
$10
$15
$20
$25
$30
$35
2013 2014 2015 2016
Millions
iGaming Tax Revenue
N.J. iGaming Tax Revenues
Source: New Jersey Division of Gaming Enforcement

10. 7/24/2017 VICTOR-STRATEGIES 10
0.3%
5.4%
6.5%
8.9%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
2013 2014 2015 2016
iGaming Net Revenue as % Land Based Net Revenue
Source: New Jersey Division of Gaming Enforcement

11. 7/24/2017 VICTOR-STRATEGIES 11
$4.81
$5.02
$5.22
$4.92
$4.54
$3.94
$3.57
$3.32
$3.05
$2.86
$2.62
$2.41
$2.41
$0.01
$0.12
$0.15 $0.20
$0
$1
$2
$3
$4
$5
$6
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
$Billions
Internet
Casino
No Cannibalization
Source: New Jersey Division of Gaming Enforcement

12. No Cannibalization
7/24/2017 VICTOR-STRATEGIES 12
$4.81
$5.02
$5.22
$4.92
$4.54
$3.94
$3.57
$3.32
$3.05
$2.86
$2.62
$2.41
$2.41
$0.01
$0.12
$0.15
$0.20
$0
$1
$2
$3
$4
$5
$6
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
$Billions
Source: New Jersey Division of Gaming Enforcement

13. Healthy Competitive Market
7/24/2017 VICTOR-STRATEGIES 13
$0
$1
$2
$3
$4
$5
$6
Borgata Caesars Interactive Golden Nugget Resorts Tropicana
Millions
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Source: New Jersey Division of Gaming Enforcement

14. New Jersey iGaming Perspective
 Regulated iGaming working in U.S. state jurisdictions.
 Significant revenue
 No cannibalization
 Healthy competition
 Complementary to land based casinos
 Prospects for Indian Country?
7/24/2017 VICTOR-STRATEGIES 14

15. 7/24/2017 VICTOR-STRATEGIES 15
The Politics of iGaming:
Our Panel:
• Susan Jensen – CNIGA
• Loretta Tuell – Greenberg Traurig, LLP
• Ewa Bakun – Head of Content, Clarion Events
• Jim Ryan – CEO Pala Interactive
• Gene Johnson – EVP, Victor Strategies

16. Thank you
7/24/2017 VICTOR-STRATEGIES 16