1. Bettor
Gaming
Inc.
Executive
Summary
November
4,
2014
CONFIDENTIAL
1
Bettor Gaming
2. Disclaimer
&
Confidentiality
All
information
in
this
document
is
provided
for
general
information
and
discussion
purposes
only.
This
document
does
not
constitute
an
offer
to
sell
or
solicitation
of
an
offer
to
buy
securities.
This
document
includes
"forward-‐looking
statements
and
projections."
All
such
statements
and
projections
within
this
document,
other
than
statements
of
historical
fact,
including
Bettor
Gaming
respective
strategies,
plans,
objectives
and
expectations,
are
all
forward-‐looking
statements
and
projections.
Although
Bettor
Gaming
Inc.
believes
that
the
projections
reflected
in
this
document
are
reasonable
at
this
time,
it
can
give
no
assurance
that
these
projections
will
prove
to
have
been
correct.
This
document
is
confidential
and
contains
proprietary
information
and
intellectual
property
of
Bettor
Gaming
Inc.
Neither
this
document
nor
any
of
the
information
contained
herein
may
be
reproduced
or
disclosed
under
any
circumstances
without
the
express
written
permission
of
Bettor
Gaming
Inc.
2
Bettor Gaming
3. Agenda
Prepare:
Slide
4……………….The
Concept
Slide
5……………….The
Problem
Slide
6……………….The
Solution
Slide
7……………….The
Team
Attack:
Slides
8-‐9……….….Market
Opportunity
Slide
10…………..…Revenue
Models
Slides
11-‐12……….The
Competition
Slides
13-‐14……….Implementation
Strategy
Profit:
Slide
15………….….Company
Projections
Slides
16-‐17……….Valuation
Slide
18………….….Next
Steps
Slide
19………….….Contact
3
Bettor Gaming
Glossary:
ADW
-‐
“Advanced
Deposit
Wagering”,
i.e.
online
horse
racing
sites
that
feature
real-‐money
wagering.
DAUs
-‐
Daily
Average
Users;
gamers
that
play
a
particular
game
or
app
on
a
daily
basis.
Handicapping
-‐
Process
of
selecting
winners
from
a
field
of
horses;
analyzing
stats
on
horses,
jockeys,
&
trainers.
High
Volume
Players
-‐
Horseplayers
who
wager
in
excess
of
100k
per
month
or
$1
million
per
year.
Horseplayers
-‐
Those
who
wager
on
horses,
either
online
at
the
track
or
otherwise.
MAUs
-‐
Monthly
Average
Users;
gamers
that
play
a
particular
game
or
app
on
a
monthly
basis.
Pari-‐Mutuel
Pooling
-‐
All
bets
of
a
particular
type
are
placed
together
in
a
pool;
taxes
and
the
house’s
take
are
removed,
and
payoff
odds
are
calculated
by
sharing
the
pool
among
all
winning
bets.
Social
Casino
Gaming
-‐
Play-‐for-‐fun
apps
that
recreate
slot
machines,
casino
games,
card
&
poker
tables,
as
well
as
play-‐money
sports
betting.
4. The
Concept
Bettor
Gaming
Inc.
is
a
gaming
platform
that
integrates
a
proprietary,
“play-‐for-‐fun”,
horse
racing
social
game
(HorseFlash)
with
a
licensed,
“play-‐for-‐cash”,
real-‐money
horse
race
wagering
website
(WinPlaceShow.co).
HorseFlash
will
introduce
gamers
to
the
sport
of
real
LIVE
horse
racing
in
a
“no
stress”
virtual
bankroll
environment,
similar
to
playing
with
fake
chips
in
free
online
poker
rooms
(Zynga
Poker,
PartyPoker);
The
game
will
earn
revenue
through
in-‐app
purchases
and
feature
integrated
promotions
for
the
WinPlaceShow.co
website.
WinPlaceShow.co
is
a
web
app
with
an
industry
leading
Mobile-‐to-‐Desktop
user
experience,
unlike
any
currently
found
on
existing
real-‐money
horse
wagering
websites
(TVG,
TwinSpires,
Xpressbet).
Additional
jackpot
pools,
referral
bonus
multipliers
and
“blind
race
replay”
functions
will
help
create
defensible
long-‐term
competitive
advantages.
The
Bettor
Gaming
management
team
is
made
up
of
veteran
leaders
from
the
North
American
Thoroughbred
racing
industry.
This
includes
the
former
CEO
and
CFO
of
Youbet.com,
who
grew
online
wagering
from
$30
million
to
$900
million
per
year;
in
2009,
Churchill
Downs
Inc.
acquired
Youbet.com
for
$126
million.
4
Bettor Gaming
5. The
Problem
Bettor Gaming
Horse
racing
represents
90%
of
all
legal
online
gambling
in
the
United
States.
While
most
people
generally
know
what
horse
racing
is,
few
are
knowledgeable
about
specific
wager
types
(Win,
Place,
Show,
exactas,
trifectas,
pick
4’s)
or
the
particulars
of
handicapping
a
field
of
horses
(“picking
the
winners”).
“Social
casino”
apps
(play-‐for-‐fun
casino
&
card
games)
are
one
of
the
most
lucrative
revenue
categories
in
both
the
iOS
and
Android
app
stores.
The
space
is
crowded
and
dominated
by
emulated
Vegas-‐style
slot
apps
and
online
poker
games
(with
in-‐app
purchases
for
chips);
few,
if
any
applicable,
apps
exist
in
the
Horse
Racing
vertical.
The
betting
results
for
poker
and
casino
games
are
determined
by
a
random
number
generator,
while
the
results
of
every
horse
race
is
determined
by
a
LIVE
man-‐and-‐beast
spectacle.
This
demands
a
more
sophisticated
technology
solution
to
recreate
the
LIVE
racing
experience
on
mobile
and
desktop
gaming
platforms.
The
three
major
horse
wagering
sites
(TVG,
TwinSpires
and
Xpressbet)
account
for
70%
of
all
online
horse
betting
in
the
United
States.
None
of
these
sites
currently
offer
a
truly
viable
mobile
solution
and
instead
rely
heavily
on
their
Desktop
websites
as
the
expected
primary
user
experience.
Handicapping
horses
requires
analysis
of
eye-‐straining
stat
sheets
(see
below).
Reading
and
annotating
stat
lines
on
a
mobile
device
is
very
difficult;
traditionally,
online
horseplayers
print
out
forms
and
mark
them
up
in
pen.
5
6. Bettor Gaming
The
pairing
of
the
play-‐for-‐fun
HorseFlash
game
with
the
play-‐for-‐cash
WinPlaceShow.co
web
app
will
delineate
Bettor
Gaming
from
other
competitors
in
the
Horse
Racing,
Social
Casino,
and
Online
Gambling
industries.
Revenues
from
in-‐app
purchases
within
the
play-‐money
HorseFlash
game
will
create
a
diversified
revenue
stream
for
Bettor
Gaming
beyond
real-‐money
wagering
alone,
and
create
a
category-‐defining
app
in
the
wide
open
Horse
Racing
vertical
of
the
social
casino
gaming
category.
The
Company
believes
there
is
significant
opportunity
to
convert
social
casino
gaming
players
from
play-‐money
HorseFlash
gamers
into
real-‐moneyWinPlaceShow.co
horseplayers.
Best Speed on Turf:
9 Big Note (IRE)
1 Gal Has to Like It
7 Lil Juliana
Customizable player
weighting ‘sliders’
Top 3 Horses by
“Speed on Turf”
Scroll to see ranking
of the remaining field
The
Solution
Updated
selection results
6
Paddock
Reports™
are
a
powerful
proprietary
tool
designed
to
help
quickly
pick
winning
horses
on
mobile
phone
and
tablet
browsers.
7. The
Team
Chuck
Champion
-‐
CEO
of
Youbet.com,
driving
annual
ADW
wagering
from
$30
million
to
$900
million;
Senior
Executive
at
media
companies
including
Chicago-‐Sun
Times,
Philadelphia
Inquirer
and
Daily
News.
Gary
Sproule
-‐
CFO,
COO
and
CEO
of
Youbet.com;
Executive
Officer
at
UNOCAL;
CFO
at
Disney
Interactive
Studios;
Completed
over
$10
billion
debt
and
equity
transactions;
Created
significant
value
in
turnaround
&
startup
situations;
Extensive
interactive
game
and
mobile
content
experience.
Greg
Bauer
-‐
Designer
and
concept
developer
of
the
HorseFlash
social
game;
Import
/
export
logistics
and
transportation
sales;
National
TV
distribution
and
series
development
for
Travel
Channel,
National
Geographic
and
Discovery
Networks.
Strategic
Partners
Hardave
Gill
-‐
President
and
founder
of
Post
Time
Technologies
and
Post
Time
Productions;
Developed
and
operated
RaceReplays.com;
Considered
a
leading
developer
of
technology-‐based
products
and
services
for
the
racing
industry.
Horsemen’s
Associations
-‐
Local
state
and
national
groups
representing
the
interests
of
the
principal
owners,
trainers,
and
breeders
of
the
race
horses
themselves
(“the
athletes”).
AmWest
Entertainment-‐
Key
strategic
partner
that
will
provide
a
turnkey
online
horse
wagering
solution
to
Bettor
Gaming
by
providing
the
following
products
and
services:
‣ Multi-‐jurisdictional
gambling
licenses
for
online
race
wagering.
‣ Racetrack
simulcast
agreements
with
LIVE
and
on-‐demand
video
content
for
130+
U.S.
and
50+
international
racetracks.
‣ Racetrack
settlement
services.
‣ Access
to
3rd
party
data
feeds
for
APIs
for
statistical
race
data,
live
odds
updates
and
race
result
wager
payouts.
‣ Backend
tote
board
integrations
and
services.
‣ Call
Center
(live
phone
tellers
and
customer
support).
7
Bettor Gaming
8. Market
Opportunity
Horse
racing
is
a
sport
with
200
million
racing
fans
worldwide
and
global
wagering
of
over
$85
billion
per
year.
Advance
Deposit
Wagering
is
a
legalized
form
of
Pari-‐Mutuel
Horse
Racing
Wagering
by
which
a
customer
sets
up
an
account
with
a
licensed
ADW
provider,
pre-‐funds
his
account,
and
places
wagers
through
the
ADW
into
the
host
track’s
Pari-‐Mutuel
Pools,
and
receives
the
same
odds
and
wager
payouts
as
posted
at
the
host
track.
Total
ADW
wagering
has
grown
at
a
CAGR
of
11%
for
the
last
10
years,
and
McKinsey
has
forecasted
that
at
the
current
rates
of
growth,
ADWs
will
account
for
40%
of
Total
U.S.
Thoroughbred
wagering
by
2020.
U.S. Thoroughbred Wagers Placed (Billion $)
$16
$12
$8
$4
$0
Online ADW Wagering On-Track, Satellite, OTB Wagering
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
8
Bettor Gaming
9. Market
Opportunity
Based
on
a
recent
Morgan
Stanley
research
report,
Social
Casino
Gaming
grew
25%
year
over
year
vs.
Traditional
Gaming
at
7%
and
Real-‐Money
Gaming
at
6%.
Morgan
Stanley
research
indicates
that
social
gaming
is
the
first
funnel
for
real-‐money
play.
Evidence
suggests
that
conversion
rates
from
play-‐for-‐fun
to
play-‐for-‐cash
wagering
are
as
high
as
10%;
those
players
that
convert
to
real-‐money
wager
$350
per
month.
The
global
mobile
games
market
is
projected
to
grow
27.3%
annually
through
2016
and
reach
$23.9
billion.
Online Gambling
‣ 50 million online gamblers
worldwide
‣ $35 billion in revenue worldwide
‣ Regulated
‣ Key Drivers
‣ New customers
‣ Increased monthly spend
‣ Increased customer retention
Social Casino Gaming
‣ 173 million social casino gamers
worldwide
‣ $2.4 billion in revenue worldwide
‣ Unregulated
‣ Key Drivers
‣ New downloads
‣ Increased MAU/DAU spend
‣ Increased conversion to
real-money play
Bettor Gaming Inc.
‣ Real-money website paired with a
play-money social casino game
‣ 210,000 WinPlaceShow.co customers
by Y3
‣ 160,000 HorseFlash MAUs by Y3
‣ Key Drivers
‣ Increased conversions to
real-money play
‣ Increased player spend
‣ Long-term customer
retention
9
Bettor Gaming
10. Revenue
Models
HorseFlash
generates
revenue
through
paid
downloads
and
in-‐app
purchases.
‣ Download
Fees:
One
time
$.99
download
fee.
‣ In-‐App
Purchases:
Bankroll
Credits;
$.99
per
unit.
‣ In-‐App
Purchases:
Handicapping
Reports;
$.99
per
unit.
App
stores
and
desktop
gaming
platforms
charge
a
30%
fee
on
all
download
and
in-‐app
purchases
made
through
their
platforms.
WinPlaceShow.co
generates
gross
revenues
of
21%
on
all
wagers
processed,
and
net
revenues
of
5%
after
all
Fees
are
paid
to
tracks,
horsemen
and
AmWest.
In
addition,
both
HorseFlash
and
WinPlaceShow.co
will
generate
e-‐commerce,
advertising
and
sponsorship
revenues.
HorseFlash Gross Revenues
Million $
$10
$8
$5
$3
$0
Y1 Y2 Y3 Y4 Y5
Horse
Betting
$1
Yield
Calculation
Takeout
Host
Fees
Source
Market
Fee
Tote
/
Other
Fees
AmWest
Fee
21.0%
-‐4.0%
-‐7.0%
-‐1.0%
-‐4.0%
Yield 5.0%
WinPlaceShow.co Gross Revenues
Million $
$50
$38
$25
$13
$0
Y1 Y2 Y3 Y4 Y5
10
Bettor Gaming
11. The
Competition
-‐
WinPlaceShow.co
The
largest
ADW
websites
by
2013
wagering
totals:
Churchill
Downs
Inc.
dba
TwinSpires.com
($995
million);
BetFair-‐TVG
($739
million);
Xpressbet
($533
million);
AmWest
Entertainment
($76
million).
Cable
TV
racing
channel,
TVG,
is
experiencing
25%
y-‐o-‐y
growth
in
Q2
2014
wagering
totals.
TVG
currently
offers
the
only
dedicated
downloadable
play-‐for-‐cash
app;
wagers
are
processed
through
an
in-‐app
web
browser
and
not
through
the
app
store.
TVG
also
recentlybegan
offering
10
hours
of
free
online
streaming
to
horseplayers,
with
the
ability
to
earn
extra
viewing
hours
through
player
wagering.
Xpressbet
offers
a
compelling,
yet
incomplete,
mobile
solution:
• Mobile
website
can
be
accessed
directly
from
browsers,
as
opposed
to
having
to
download
a
separate
app
(TVG).
• The
URL
for
the
mobile
site
is
separate
from
the
primary
xpressbet.com
domain.
• Mobile
site
lacks
the
ability
to
download
important
handicapping
stats,
and
forces
players
to
reroute
to
the
Desktop
version
in
order
to
access
stat
information.
• Xpressbet
mobile
site
lacks
any
distinguishable
attempts
at
social
media
features,
such
as
chat
rooms,
player
polls,
return
bonuses,
blind
race
replays,
or
easily
viewable
‘probables’
tables.
Daily
Fantasy
Sports
(DFS)
are
a
fast-‐growing
segment
of
the
online
gambling
market.
In
September
2014,
a
capital
syndicate
made
a
$41
million
investment
in
DraftKings.com.
Popular
poker
brands,
like
Full
Tilt
Poker,
PokerStars,
and
Party
Poker,
have
large
users
bases
and
decades-‐long
retention
rates
that
date
back
to
the
early
2000’s.
Many
of
today’s
professional
and
casual
play-‐for-‐cash
poker
players
first
learned
the
game
of
Texas
Hold’em
in
the
play-‐for-‐fun
poker
rooms
on
these
brand
name
sites.
11
Bettor Gaming
12. The
Competition
-‐
HorseFlash
There
are
currently
no
apps
available
on
the
U.S.
market
that
allow
gamers
to
wager
play-‐money
on
actual
LIVE
horse
races.
Available
horse
racing
apps
are
primarily
made
up
of
utility
apps
for
handicapping
horses
or
completely
fake
racing
games
where
players
breed,
train
and
race
their
own
avatar
horse
against
CPU
horses
in
virtual
races.
The
size,
growth
and
real-‐money
upside
potential
for
successful
social
casino
games
have
made
them
a
hot
target
for
acquisition
by
larger
companies
with
established
brick-‐and-‐mortar
casino
properties
(Caesars
Entertainment,
MGM
Resorts)
or
brand-‐name
slots
and
gambling
technologies
(Bally
Technologies,
IGT,
WMS
Gaming).
CASE
STUDY:
“Bingo
Bash”
Acquired
by
GSN
for
$160
Million
While
Poker
and
Slots
are
the
two
largest
social
casino
verticals
by
revenue,
Bash
Gaming
saw
a
strategic
opportunity
in
2011
to
create
a
social
casino
game
that
focused
on
the
relatively
ignored
Bingo
vertical.
The
game
tackled
technology
challenges
early
on
by
designing
multiplayer
technologies
that
could
scale
to
millions
of
users,
and
by
coding
the
game
to
an
HTML5
architecture
that
could
be
modified
to
work
on
native
Android
and
iOS
apps,
as
well
as
Desktop
platforms,
in
all
major
gaming
and
app
markets
around
the
world.
Within
three
years,
Bingo
Bash
had
become
the
largest
bingo
game
across
all
international
app
stores
and
gaming
portals,
with
an
estimated
4.4
million
MAUs
at
the
time
of
its
$160
million
acquisition
by
GSN
in
February
2014.
12
Bettor Gaming
13. Implementation
Strategy
Through
a
low
cost
turnkey
ADW
partnership
with
AmWest
Entertainment,
Bettor
Gaming
can
quickly
enter
the
ADW
market
with
the
rapid
deployment
of
WinPlaceShow.co.
The
Company
will
leverage
relationships
with
the
highly-‐targeted
memberships
of
a
number
of
state
and
national
Horsemen’s
Associations,
while
Post
Time
Technologies
will
provide
a
database
of
300,000
qualified
horseplayers.
Both
HorseFlash
and
WinPlaceShow.co
will
be
developed
by
software
teams
already
familiar
with
the
AmWest
tote
board
APIs
and
backend
wagering
architecture.
The
game
will
meet
the
cross-‐platform
specifications
of
international
iOS
and
Android
app
stores,
as
well
as
Desktop
gaming
portals,
like
Facebook
and
Yahoo!
Games.
HorseFlash
will
compile
an
extensive
database
of
interested
horse
racing
fans,
with
key
metrics
related
to
demographics,
location,
user
retention,
engagement,
spending
habits
and
customer
acquisition
costs.
Begin Possible
Y4 Exit Event
End of Y3
Company
Valuation
Monthly
EBITDA
Breakeven
Cumulative
EBITDA
Breakeven
Begin WPS.co
UX/UI Development
WPS.co Beta Release
WPS.co Hard Release HF Public
Release
HF Minor
Iteration Update Major New
Begin HF
Development
Ramp up Database CRM
Ramp up Referral & Affiliate
Marketing Programs
Months 1-6 Months 7-12 Months 13-18 Months 19-24
Total HF MAUs Release 25,000 50,000
WPS.co Users
Major New
Game Release
Minor Website
and Game Upgrades
Year 3 Year 4 Year 5
237,000
Game Release
75,000 100,000
150,000
300,000
200,000
Release 25,000 50,000 75,000 200,000 578,000
HF to WPS.co
Conversions
100,000
400,000
10,000 50,000 100,000 154,000
Monthly
EBITDA
125,000
($50,000) $25,000 $100,000 $250,000 $500,000 $1,000,000 $1,659,000
13
Bettor Gaming
14. Implementation
Strategy
Marketing
Post Time Technologies
Player Database
Affiliate & Referral
Marketing Programs
Marketing
Horsemen’s
Association Databases
Social Media &
Content Creation
Online Poker, Casinos &
Card Clubs
High Volume Player
Relationships
Industry Conferences &
Consumer Exhibitions
Marketing
Track Sponsorships,
Events & Tournaments
SEO, Paid Search &
Mobile Advertising
New
Customers
Bettor Gaming
Inc.
HorseFlash
Social Game
“Customer Engine”
WinPlaceShow.co
The ADW
“Cash Engine”
Cross-
Promotion
New Customers New Customers
Exclusive Contributions
from the
Bettor Gaming Team
Revenue Revenue
14
Bettor Gaming
15. Company
Projections
Funding
of
$545,000
(which
includes
$50,000
working
capital)
is
required
to
build,
launch
and
commercialize
both
WinPlaceShow.co EBITDA
Million $
$16
$12
$8
$4
$0
-$4
Y1 Y2 Y3 Y4 Y5
HorseFlash EBITDA
Million $
$4
$3
$2
$1
$0
-$1
Y1 Y2 Y3 Y4 Y5
WinPlaceShow.co
and
HorseFlash
over
a
two
phase
deployment.
Projected
consolidated
EBITDA
in
the
fifth
year
of
operations
is
$15.6
million.
The
Bettor
Gaming
business
model
is
highly
leveraged
and
scalable,
with
projected
monthly
breakeven
in
8
months
and
cumulative
breakeven
in
17
months.
Bettor
Gaming
has
an
implied
Pre-‐Money
Valuation
of
$4.4
million
based
on
two
Pre-‐Revenue
Valuation
Methodologies.
15
Bettor Gaming
16. Valuation
The
Company
has
used
two
methodologies
for
the
valuation
of
Bettor
Systems,
with
the
first
methodology
using
a
Multiple
of
EBITDA
to
determine
the
Company
Enterprise
Value,
and
the
second
methodology
using
Market
Comparable
Transactions
to
determine
the
Company
Enterprise
Value.
Because
Bettor
Systems
is
a
pre-‐revenue
startup
Company,
significant
discounting
(risk
adjustment)
has
been
made
to
the
respective
estimated
Enterprise
Values
for
each
methodology.
Based
on
this
analysis,
Management
believes
that
the
Pre-‐Money
Valuation
for
Bettor
Systems
is
$4,354,000.
Assumptions
Used
for
Both
Valuation
Methodologies:
Investor
requires
exit
/
liquidation
event
beginning
in
Year
4.
Investor
requires
40%
IRR
on
their
investment.
Investment
is
$545,000.
Methodology
1
-‐
Multiple
of
EBITDA
Year
3
EBITDA
=
$5,369,000
(Source:
Five
Year
Financial
Plan).
Multiple
of
5X
is
applied
to
Year
EBITDA
to
estimate
Enterprise
Value
=
$26,846,000.
Risk
Adjustment
Rate
for
Pre-‐Revenue
Start
Up
companies
=
50%.
Risk
Adjusted
Enterprise
Value
=
$13,423,000.
Post-‐Money
Valuation
based
on
40%
IRR
required
by
Investor
=
$4,899,000.
Pre-‐Money
Valuation
based
on
$545,000
Investment
=
$4,354,000.
16
Bettor Gaming
17. Valuation
Methodology
2
-‐
Comparable
Market
Transactions
Enterprise
Value
based
on
comparable
market
transactions
summarized
below
=
$49,000,000.
Risk
Adjustment
Rate
for
Pre-‐Revenue
Start
Up
companies
=
73%.
Risk
Adjusted
Enterprise
Value
=
$13,423,000.
Post-‐Money
Valuation
based
on
40%
IRR
required
by
Investor
=
$4,899,000.
Pre-‐Money
Valuation
based
on
$545,000
Investment
=
$4,354,000.
ADW Market Transactions
Purchase Multiple
Target Acquirer Date LTM Handle Price of Handle
Ebet Sportstech 2012 $106,000,000 $12,600,000 8.4
Television Game Network Betfair 2009 $511,000,000 $50,000,000 10.2
Youbet.com Churchill Downs 2009 $438,000,000 $128,800,000 3.4
Brisnet Churchill Downs 2007 $175,000,000 $80,000,000 2.2
Weighted Average Multiple of Handle $1,230,000,000 $271,400,000 4.5
Implied Valuation - WinPlaceShow.co $184,000,000 $40,888,889 4.5
Online Gaming Market Transactions:
Purchase Cost
Target Acquirer Date MAUs Price Per MAU
Dragonplay Bally 2014 3,100,000 $100,000,000 $32
Pacific Interactive Caesars 2014 2,800,000 $90,000,000 $32
Bash Gaming GSN 2014 4,400,000 $160,000,000 $36
Bingo Blitz Caesars 2013 3,100,000 $45,000,000 $15
Double Down IGT 2012 4,700,000 $500,000,000 $106
Playticka Caesars 2011 2,900,000 $175,000,000 $60
Weighted Average Cost Per MAU 21,000,000 $1,070,000,000 $51
Implied Valuation – HorseFlash 160,000 $8,152,000 $51
Implied Valuation - Bettor Gaming Inc. $49,040,889
17
Bettor Gaming
18. Next
Steps
1.
Follow
up
on
any
questions
and
additional
data
requests.
2.
Reach
agreement
on
the
Company
Valuation.
3.
Reach
agreement
on
the
Use
of
Funds.
4.
Reach
agreement
on
the
Investment
Structure.
5.
Reach
agreement
on
Pro-‐Forma
Cap
Table.
6.
Complete
due
diligence.
7.
Draft
all
agreements.
8.
Execute
all
agreements.
9.
Fund.
Additional
Available
Resources:
Bettor
Gaming
-‐
Executive
Business
Summary
Bettor
Gaming
-‐
Consolidated
5-‐Year
Financial
Plan
Market
Research
Report
-‐
Horse
Racing/Online
Gambling/Social
Gaming
HorseFlash
wireframe
mockup
WinPlaceShow.co
design
templates
18
Bettor Gaming
