Version 3/19

2

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This presentation contains statements that constitute forward-looking statements which involve risks and uncertainties, including suchrisks and uncertainties detailed in the Annual report on Form 10-K of PlayAGS, Inc. (“AGS” or the “Company”) filed with the U.S.Securities and Exchange Commission (the “SEC”) by the Company on March 5, 2019. These statements include descriptions regardingthe intent, belief or current expectations of AGS or its officers with respect to the consolidated results of operations and financialcondition, future events and plans of AGS. These statements can be recognized by the use of words such as "expects," "plans," "will,""estimates," "projects," or words of similar meaning. Such forward-looking statements are not guarantees of future performance andactual results may differ from those in the forward-looking statements as a result of various factors and assumptions. These statementsare subject to risks, uncertainties, changes in circumstances, assumptions and other important factors, many of which are outsidemanagement’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.You are cautioned not to place undue reliance on these forward looking statements, which are based on the current view of themanagement of AGS on future events. We undertake no obligation to publicly update or revise any forward-looking statementcontained in this presentation, whether as a result of new information, future events or otherwise, except as required by law. In light ofthe risks, uncertainties and assumptions, the forward-looking events discussed in this presentation might not occur, and our actualresults could differ materially from those anticipated in these forward-looking statements.

This presentation also contains references to Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), and AdjustedEBITDA, which are non-GAAP financial measures. Management believes that EBITDA and Adjusted EBITDA and related measures arecommonly reported by companies and widely used by investors as indicators of a company’s operating performance. There are othernon-GAAP financial measures which should be considered only as a supplement to, and not as a superior measure to, financialmeasures prepared in accordance with GAAP. Please refer to the last slide of this presentation for a reconciliation of certain non-GAAPfinancial measures included in this presentation to the most directly comparable financial measure prepared in accordance with GAAP.

Unless otherwise noted, information included herein is presented as of the dates indicated. This presentation is not complete and theinformation contained herein may change at any time without notice. Except as required by applicable law, we do not have anyresponsibility to update the presentation to account for such changes.

Certain information in this presentation is based upon management forecasts and reflects prevailing conditions and management’sviews as of this date, all of which are subject to change. In preparing this presentation, we have relied upon and assumed, withoutindependent verification, the accuracy and completeness of all information available from public sources or which was provided to usby third parties. The information contained herein is subject to change, completion or amendment and we are not under any obligationto keep you advised of such changes. We make no representation or warranty, express or implied, with respect to the accuracy,reasonableness or completeness of any of the information contained herein, including, but not limited to, information obtained fromthird parties.

The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice orinvestment recommendations.

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INVESTMENT HIGHLIGHTS

Attractive

Business Model

w/ High-

Performing

Products

Favorable

Market

Backdrop

▪ Consistent historical growth: U.S. gaming revenue has grown ~2% annually since 2014

▪ Strong future growth prospects: U.S. unemployment remains under 4% and continued expansion of the experience economy

▪ Potential acceleration of replacement cycle

• AGS not dependent on the replacement cycle, but acceleration could enhance Class III growth

▪ Leases drive 71% recurring revenue(1), which provides high revenue visibility

• Sales provide a tremendous opportunity to expand and diversify product and customer mix

▪ AGS generates industry-leading EGM Adjusted EBITDA margins, which fund high-ROI growth opportunities

▪ Strong recurring cash flow with 8-12 month payback periods on new leased EGMs

▪ Market-leading and high-performing products

• Casino-owned and premium leased EGMs generated win per day of ~1.6x and ~1.7x, respectively

Multiple Levers

for Growth

▪ Industry-leading game performance drives continued market share growth

▪ Recent ship share gains far in excess of current market share: ~6% 2018 U.S. ship share vs ~2.5% market share

▪ Material whitespace opportunity due to substantial increases in TAM: Grew both TAM and new licenses 113% since 2012

▪ Meaningful international expansion opportunities in Philippines, Canada and Brazil

4Source: Eilers & Krejcik, The AGA Survey of the Casino Industry (2018)

U.S. Department of Commerce, Bureau of Economic Analysis

(1) For FY 12/31/2018

Q4 & FULL YEAR 2018 FINANCIAL PERFORMANCE HIGHLIGHTS

Note: Adjusted EBITDA allows us to add back certain non-cash charges that are deducted in calculating net income and to deduct certain gains that are included in

calculating net income. However, these expenses and gains vary greatly, and are difficult to predict. They can represent the effect of long-term strategies as opposed to

short-term results. In addition, in the case of charges or expenses, these items can represent the reduction of cash that could be used for other corporate purposes.

Note: Please refer to appendix for Net Income to Adjusted EBITDA reconciliation

5

$107.8 $137.4

$106.8$136.2

2017 2018

$199.9$271.0

$4.1

$7.7

$8.0

$6.6$212.0

$285.3

FY 2017 FY 2018

EGM Table Products Interactive

$26.3$32.2

$26.4

$31.5

Q4 '17 Q4 '18

$54.2

$68.7

$1.6

$2.1

$1.9

$1.3$57.7

$72.1

Q4 '17 Q4 '18

Total Interactive Table Products

ADJUSTED EBITDA

($ in mm) ($ in mm)

Tables: $0.2

Interactive: ($0.1)Tables: $0.3

Interactive: ($0.9)

Tables: ($0.5)

Interactive: ($0.4)Tables: $0.9

Interactive: ($2.1)

Recurring

Revenue

$201.8

REVENUE

Recurring

Revenue

$48.9

PERFORMANCE DRIVEN BY A CULTURE OF INNOVATION

EGM Installed Units 8,735 24,647 182%

EGM Sold Units 255 4,387 1,620%

Domestic RPD $21.23 $27.02 27%

Gaming Licenses 161 270 68%

Revenue ($ in mm) $72 $285 296%

Years Experience

Years at AGS

KPIs 2014 12/31/18 Δ

David Lopez

Kimo Akiona

Sigmund Lee

Matt Reback

Julia Boguslawski

John Hemberger

Andrew Burke

Title

▪ 700+ employees around the globe

▪ R&D employees represent ~30% of total AGS employees

▪ Unique culture sets us apart from other companies

▪ Expect employee-centric culture to continue attracting high-caliber talent

AGS Drives Innovation Through its Unique Culture

Note: EGM sold units, domestic RPD and revenue as of respective LTM periods; 2014 figures are as reported and are not pro forma to include the acquisitions of

Cadillac Jack or RocketPlay

6

AGS COMPANY OVERVIEW

Table Products: $8mm+88% Y-o-Y

CORPORATE EVOLUTION

SEGMENT BREAKDOWN

$285mm Revenue+35% Y-o-Y

48% Adj. EBITDA margin

$136mm Adj. EBITDA+27% Y-o-Y

FY 12/31/18Revenue

71%

FINANCIAL SNAPSHOT SIGNIFICANT WHITESPACE

OPPORTUNITY

RECURRING REVENUE

EGM: $271mm+36% Y-o-Y

Interactive: $7mm-17% Y-o-Y

CanadaMexico Philippines Brazil

RampingEstablished Early Entry

FY 2018

(1)

Prospective No Gaming

Note: All figures as of LTM 12/31/18. Y-o-Y growth is from 12/31/17 to 12/31/18

(1) Denotes AGS acquired by funds managed by Apollo, not Apollo Global Management itself

7

CONTINUED PROGRESS SINCE IPOAt IPO (9/30/17) Now (12/31/18)

LTM EBITDA

LTM Revenue

Installed Base

LTM Units Sold

Gaming Licenses

Domestic Leased

+ Sold Units

% Change

$285mm$197mm 45%

$136mm$102mm 34%

24,64722,015 12%

4,3872,128 106%

270253 7%

25,03318,662 34%

Since IPO, AGS Has Continued to Outperform Across Key Financial Metrics and KPIs

(1) (1)

(1) Total footprint of domestic leased and sold units as of 12/31/17 and 12/31/18, respectively

8

DIVERSE PORTFOLIO PROVIDING COMPLETE SUITE OF PRODUCTSEGMs

▪ 30+ unique offerings

▪ New single-deck card shuffler

▪ Leverages land-based EGMs

▪ Pivot into social B2B RMG business

▪ Potential upside from real money gaming

▪ Acquisition of Gameiom platform adds real-money gaming capabilities

Interactive

New Table Equipment

Expanding Interactive Channels

Table Products

Cabinets Titles

▪ New Orion family significantly expands premium offerings

▪ Demand continues for ICON cabinet

Unique Cabinet Designs Drive Performance

▪ 60+ titles set to launch

▪ Some of the highest performing games in the industry

Content Drives Performance

Ability to Cross-Sell Between Product Categories Provides for Meaningful Synergies

9

8,708 8,735

13,139 13,953 16,078 16,296

6,1126,898

7,727 8,351

2013 2014 2015 2016 2017 2018

Domestic International

EGM SEGMENTSTRONG RECURRING REVENUE BASE WITH INDUSTRY-LEADING MARGINS

Note: All financial figures include contribution of Cadillac Jack following acquisition in May 2015(1) Gross Profit Margin for leased units = EGM gaming operations revenue less EGM cost of gaming operations, divided by EGM gaming operations revenue for FY 2018(2) Gross Profit Margin for sold units defined as EGM equipment sales revenue less costs of equipment sales, divided by EGM equipment sales revenue for FY 2018(3) Q4 2018 EILERS-FANTINI Quarterly Slot Survey

$58 $72

$120 $156

$200

$271

$34 $41 $66

$92 $108 $137

2013 2014 2015 2016 2017 2018

EGM Revenue EGM Adjusted EBITDA

123 255 203 465

2,565

4,387

2013 2014 2015 2016 2017 2018

Class II

11,790

Intl

8,351

Class III

3,709

VLT

797

EGM Installed Base

24,647 leased EGMs

EGM Revenue and EGM Adj. EBITDA

($ in mm)

48%

Huge Growth in Sold EGMs

Achieved +6% ship

share in TTM period

ending Q4 vs. <1%

two years ago(3)

34%

15%5%

Brazil &

Philippines

upside

Steady Ramp in Number of Leased EGMs

~100% recurring business; ~80% gross profit margin(1)

-1%

+28%

8%

Y-o-Y Growth

▪ Second largest

Class II Installed

Base

▪ High recurring

revenue

▪ Strong relationships

▪ Stable business

3%

~50% gross profit margin(2)

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EGM SEGMENTCOMPREHENSIVE EGM PRODUCT LINE-UP

CabinetType

Specialty Large Format

Core Premium Core Plus Core Latin-Style Bingo

Key Markets

Mixed Class II/Class III Growth/Mixed Growth/Mixed Class II/Class III Growth/International

Year Introduced

2014 2015 2017 2018 2019Initial units in

Q1 2019

Installed Base

230 3,756 1,883 843 N/A <20 (1)

RPD ~$85 ~$25 ~$50 ~$35 ~$30 $10-$30

Units SoldLTM

1 1,169 2,437 675 N/A N/A

ASP N/A ~$15,500 ~$20,500 ~$19,000 ~$18,000 N/A

Planning

~60 new

titles &

~1

cabinet

a year

Best value in the industry and smartest

price point. Core cabinet for mass

market

Big Red ICON Orion SlantOrion Portrait

Performance focused, premium portrait. One of the

top-performing cabinets in the U.S.

Fills the need for the fastest-growing

segment of the market

New

Ultra Jumbo Format with classic gameplay

Robust product pipeline fuels future growth

Alora

Utility cabinet designed specifically

for video-bingo players

Note: ASP figures as of FY 2018; installed base figures as of 12/31/18.

(1) Initial units placed into the Philippines in March 2019

Orion Upright

Broadens product portfolio and allows

for greater penetration

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EGM GAME PERFORMANCE OVERVIEW ▪ More than 99% of customer trials of Orion Portrait and Orion Slant cabinets resulted in

conversion to a lease or sale

▪ AGS casino-owned games generated win per day that was ~1.6x the house average, leading the industry by a significant margin (1)

▪ AGS premium leased games generated win per day that was ~1.7x the house average, second only to Aristocrat(1)

▪ Two large R&D studios in premier locations that continually produce top-performing game titles

▪ Achieved 6% ship share in the TTM period ending Q4 (1)

Premium Leased Domestic Game Performance(1)Casino-Owned Domestic Game Performance(1)

12(1) Q4 2018 EILERS – FANTINI Quarterly Slot Survey

2.8X

1.7X

1.5X1.4X 1.4X 1.3X

1.2X 1.2X1.1X 1.1X

Per

form

ance

ove

r h

ou

se a

vera

ge

1.6X

1.2X

1.1X 1.0X 1.0X

1.0X 0.9X 0.8X0.8X 0.8X

Per

form

ance

ove

r h

ou

se a

vera

ge

TABLE PRODUCTS SEGMENTSIGNIFICANT UPSIDE IN A HIGH-DEMAND SPACE

1,500

2,400

2016 2017 2018

$2.7

$4.1

2016 2017 2018

▪ Over 40 different products, including progressive

systems, premium table games (poker and blackjack

derivatives), side bets, a card shuffler, and table

signage

▪ Table Products segment has reported positive

Adjusted EBITDA for 5 consecutive quarters

▪ Progressives have grown 320 units year-over-year, up

51%

o Currently have over 1,000 progressive units in

the field(1)

▪ ~75% gross margin

▪ We launched the Dex S card shuffler into the

marketplace in December.

Table Products Installed Base and ALP

~65% Side Bets

~30% Progressives

~5% Premium

$194 $167 $218

Table Products Revenue Table Products Adj. EBITDA

($ in mm) ($ in mm)

Nearly 100%

Recurring

$7.7

($1.7)

($0.5)

$0.9

2016 2017 2018

3,162

ALP:

13(1) As of February 2019

INTERACTIVE SEGMENTINDUSTRY-LEADING CONTENT DRIVES B2B & BSC CUSTOMER ENGAGEMENT

▪ Currently have 5 customers including Stars Group and Awkesasne

▪ 7 new potential deals in the pipeline▪ Leverage land-based relationships

Social White Label Casino (ConnexSys)

Casino Stars Akwesasne

B2C Social Gaming

▪ Intend to continue to release top-performing land-based content

▪ Establishes brand recognition and cross-selling opportunities

▪ Continue strategy to maintain current recurring revenue base

$7.7 $8.0 $6.6

2016 2017 2018

($4.7)

($0.4)($2.1)

2016 2017 2018

Interactive Revenue Interactive Adj. EBITDA

($ in mm) ($ in mm)

Lucky Play Vegas Fever

14

INTERACTIVE SEGMENT - NEW RMG PLATFORM (AxSys)

▪ Acquired platform in June 2018▪ Robust, scalable Remote Gaming Server▪ Single integration can deliver content from wide network of

game providers▪ Opportunity to connect to numerous RMG operators

overseas

15

Real-Money iGaming

INTERACTIVE SEGMENTREAL-MONEY GAMING – SCALABLE WORLDWIDE GROWTH

16

▪ RMG aggregation platform enables AGS to leverage proven content for worldwide distribution

• AGS content is expected to be available in Q1 2019

▪ Currently integrated with seven Tier 1 Gibraltar customers

▪ 20+ signed content supplier partners and anticipated to grow

• Over 800 unique game titles

▪ Potential M&A opportunities include RMG platforms and game content studios

▪ Expected to contribute up to 75-80% of Interactive segment’s AEBITDA growth

▪ New licenses provide further growth opportunities

▪ AGS collects a % of net-gaming revenues in addition to integration fees

REAL-MONEY GAMING (RMG)

MARKET POTENTIAL(1)

Europe $16B New Jersey

$250M

(1) Estimated real-market-gaming market

SUSTAINABLE GROWTH THROUGH MARKET EXPANSION AND PRODUCT PERFORMANCE

2012

AGS Licenses

AGS Total Addressable Market(2)

AGS Domestic Leased Units

AGS Domestic Leased + Sold Units

161

~650,000

8,735

9,403

127

~400,000

7,720

7,755

AGS market share(1)

Total Domestic Market

AGS’s Total Addressable Market has Doubled and is Growing Faster than the Industry

113%

113%

111%

223%

12/31/18

270

~850,000

16,296

25,033

Growth (2012 – 12/31/18)

2014

(1) AGS installed base as a % of total domestic EGM market, which was ~960,000, ~970,000 and ~995,000 as of 2012, 2014 and 12/31/18, respectively

(2) Total addressable markets in which AGS is licensed to place EGMs in U.S. & Canada

17

71%

9%

11%

9%

AGS HAS SIGNIFICANTLY EXPANDED ITS FOOTPRINT, BUT STILL HAS MANY NEW GAMING JURISDICTIONS WHERE IT IS NOT YET LICENSED

CA74,060

NV161,649

UT

AZ16,762

TX3,737

OR19,410

WA31,479

ID3,704

MT17,640

WY1,675

CO14,047

NM19,920

OK74,460

KS8,550

NE674

SD14,800

ND3,959

MN21,175

WI18,061

MI31,216IA

18,973

IL39,663

MO16,668

AR2,786

LA41,956

FL21,862

GAAL6,461

MS30,461

SC

NC4,403TN

KY2,734

IN20,257

OH18,682

WV13,071 VA

MD11,676

NJ17,983

PA25,471

NY37,426

ME1,664

VTNH MA

3,731

CT8,635

RI5,213

DE6,622

MB10,099

RampingEstablished Early Entry Prospective No Casino Gaming

AK90

% of total units

BC14,805

NB2,711

NL1,896

SK7,340

AB20,860

ON23,434

QC17,025

NS2,899

PE505

18 Note: Eilers: Slot & Table Count – 3Q18

Note: AGS received PA license in Q4 (10/3/2018)

AGS IS TAKING MARKET SHARE IN CURRENTLY LICENSED STATES

▪ Solid recurring revenue base and market

leadership in core markets of OK, AL and

TX

▪ AGS has successful secured licenses in,

and begun to penetrate, key Class III

markets (e.g., NV, Canada, LA)

▪ Substantial opportunity to further

penetrate Early Entry-markets and enter Prospective markets

▪ Recent ship share gains far in excess of

current market share of 2.5%

▪ AGS is not dependent on the

replacement cycle to grow

▪ <1% market share when excluding

established markets

Note: market share is calculated based on the # of units on participation plus the cumulative amount of units sold to date and estimated to remain on casino floors(1) Per Eilers& Krejcik - Slot & Table Count - 3Q18(2) Other Early Entry jurisdictions include AZ, CT, DE, ID, IL, KS, MD, MA, ND, NE, NJ, NC, OR, PA, SD, WA, WI, WY and the Canadian provinces of British Columbia, Manitoba, Saskatchewan and Quebec. (3) AGS is not currently licensed in U.S. states of AK, AR, CO, KY, ME, MO, RI, WV and the Canadian provinces of New Brunswick, Newfoundland & Labrador, Nova Scotia, and Prince Edward Island. (4) Ship share is average 12/31/2018 TTM ship share Per Eilers& Krejcik19

13%

Market Stage JurisdictionEstimated Total Units in State(1)

AGS Estimated Current Market

Share

Established /

Class II

Alabama 6,461 44.2%

Texas 3,737 31.9%

Oklahoma 74,460 10.5%

Ramping

Florida 21,862 10.6%

Montana 17,640 3.2%

California 74,060 2.6%

Early Entry

Indiana 20,257 1.9%

Mississippi 30,461 1.3%

New Mexico 19,920 1.3%

Ontario 23,434 1.3%

Iowa 18,973 1.0%

Minnesota 21,175 1.0%

New York 37,426 0.9%

Nevada 161,649 0.8%

Louisiana 41,956 0.8%

Alberta 20,860 0.8%

Michigan 31,216 0.7%

Ohio 18,682 0.2%

Other(2) 286,527 1.6%

Prospective Other(3) 64,284 0.0%

Total 995,040 2.5%

8%

5%

20%

8%

Ship

Share(4)

EMERGING SUPPLIERS WINNING SHIP SHARE FROM BIG-3

Non-Big-4 Ship Share Increasing as Customers Prefer More Diversification Given Industry Consolidation(1)

12%

17%

20%

17% 16%

25%27%

28%

31%33%

10%

20%

30%

12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18

Industry consolidation triggered shift towards Non-Big-3 suppliers

North American Expected FORWARD 12-Month Replacement Ship Share(2)

25% 25%

19%

9%6% 5% 5%

3% 2% 1% 0% 1%

Other

Big-3 Non-Big-3

(1) EILERS: Gaming Supplier KPIs - 3Q18. 12/18 is based on Eilers year end estimates.

(2) Q3 EILERS-FANTINI Quarterly Slot Survey; expected forward replacement ship share includes route ops

20

INTERNATIONAL EXPANSION STRATEGY

Philippines

▪ Initial ALORA units currently installed and live

▪ Target 3,000-5,000 unit leased footprint over 3-5 year period, representing ~4-7% of market

▪ ~70,000 unit market size

Other

International

Opportunities

Brazil

▪ When legislation is approved, AGS is poised to capitalize on what is considered one of the most significant expansions in gaming

▪ Potential to be a 500,000 gaming machine market

▪ MOUs in place for ~8,700 leased units representing ~1.7% of market

Canada

▪ Canada is a large untapped market, currently represent <1% of the market

▪ Now approved in the three largest provinces

▪ Recent BCLC approval

▪ First installations of ICON and Orion cabinets have been successful

▪ OLG privatization has brought a positive change in the market

Imm

ed

iate

Up

sid

ePe

nd

ing

Leg

isla

tio

n

▪ Latin America, Asia, Australia and Europe all represent future opportunities for growth

Fu

rth

er

Up

sid

e

21

MULTIPLE LEVERS AVAILABLE TO DRIVE FURTHER GROWTH

AGS Today EGMs Table Products Interactive Philippines AGS plannednear-term

Brazil M&A AGS furtherupside

◼ Entering in 2018

◼ ~70,000 unit market size

◼ Target 3,000 – 5,000 unit footprint over 3-5 years

◼ Gaming legalization could support a 500,000+ video bingo market

◼ MOUs in place with 9 operators for ~8,700 EGMs

◼ Opportunities in B2B and real money gaming

◼ Continuing strong track record of accretive EGM rollups

◼ Additional opportunities in various table games offerings

◼ Penetrate new markets

◼ Take share based on strong game performance

◼ Significant yield optimization opportunity

◼ New progressive technology and premium titles will further boost offerings

◼ In Bet Gaming assets and shuffler launch will also drive growth

◼ Ramp up of B2B social business and social RGS

◼ Future opportunity through real money gaming

22

AGS’S STRONG FINANCIAL TRACK RECORD OF SUCCESS

$72

$123

$167

$212

2014 2015 2016 2017 2018

▪ 71% of the $285(1) million total revenue is recurring

• ~80% gross profit margin for leased units(2) and ~50% gross profit margin for sold units(3)

▪ 48% LTM Total Adjusted EBITDA Margin

▪ Payback period of only ~8-12 months on capital spent for new leased machines

Strong Revenue Growth with Robust Margins

($ in mm)

Total Adjusted EBITDA(4)Total Revenue(4)

$107

$40

$62

$85

$136

56% 51% 51% 50% 48%

2014 2015 2016 2017 2018

Adj. EBITDA margin

Revenues by Segment 2014 2015 2016 2017 2018

EGM $72.0 $119.6 $156.4 $199.9 $271.0Table Products 0.1 1.7 2.7 4.1 7.7Interactive – 2.0 7.7 8.0 6.6

Adjusted EBITDA by Segment 2014 2015 2016 2017 2018

EGM $40.6 $66.3 $91.7 $107.8 $137.4Table Products (0.3) (1.4) (1.7) (0.5) 0.9Interactive – (2.5) (4.7) (0.4) (2.1)

($ in mm)

(1) Total Revenue for the FY 2018

(2) Gross Profit Margin for leased units = EGM gaming operations revenue less EGM cost of gaming operations, divided by EGM gaming operations revenue FY 2018

(3) Gross Profit Margin for sold units = EGM equipment sales revenue less EGM cost of equipment sales, divided by EGM equipment sales revenue for FY 2018

(4) As reported figures

$285

23

FAVORABLE CASH FLOW DYNAMICS PRODUCE HIGH DISCRETIONARY CASH FLOW AND PERMIT ATTRACTIVE ROI INVESTMENTS

▪ Total Adj. EBITDA – One of the industries leading Adj. EBITDA margin of 48% (1)

▪ Cash taxes – significant NOLs of over $100 million and high D&A result in no cash taxes

▪ Maintenance capex – refurbishment obligations on existing installed base are low and decreasing

Strong Cash Flow Conversion

Favorable Cash Flow Drivers

97.3%(1)

▪ Growth capex – builds recurring revenue base by placing higher yielding leased cabinets with highly compelling ROIs

• 12 month payback on core units and 8 months on premium units

▪ Intangibles – primarily capitalized R&D that facilitates cutting edge hardware and content development

Strong cash flow for high-ROI investments, growth and deleveraging

>90% cash flow conversion(2)

▪ Reinvestment in high ROI growth

▪ Significant potential for future deleveraging

92%

99%98%

2016 2017 2018

24 (1) Adjusted EBITDA margin for FY 2018

(2) Percentages equal (FY 2018 EGM Adjusted EBITDA – FY 2018 maintenance capex) / FY 2018 EGM Adjusted EBITDA

CAPITAL STRUCTURE OVERVIEW▪ Repricing Overview:

• On October 5, 2018, AGS repriced its existing $509 million term loan due February 2024

• Repriced from L + 425 bps to L + 350 bps, saving nearly $4 million in annual cash interest expense with additional 25 bps reduction upon a Moody’s upgrade

• Additional $30 million in terms loans under its existing credit agreement

▪ Intends to use the proceeds from the financing for general corporate purposes and additional capital to accelerate growth

Capitalization

25

12/31/2017 12/31/2018 Rate Maturity

Capitalization

Cash $19 $71

$30 million existing revolver – – L+5.50% 06/06/22

First lien term loan 513 538 L+3.50% 02/15/24

Other 3 1

Total first lien debt $515 $539

HoldCo PIK notes 153 – 11.25% 05/28/24

Total debt (1) $668 $539

Total net debt 649 468

Net leverage 6.1x 3.4x(1) Does not include Integrity

SUMMARIZING THE AGS OPPORTUNITY

Attractive high-margin, recurring revenue model1

Pure-play casino gaming supplier with outsized growth potential2

Capitalizing on strong Class II position while continuing to penetrate Class III markets3

Growth from international expansion in Philippines, Brazil and other markets4

Strong free cash flow generation allows for reinvestment in business at attractive ROIs5

Industry-leading R&D platform in both hardware and content6

Diversified product suite7

Proven ability to successfully integrate acquisitions and scale the platform8

26

APPENDIX

27

TERMS USED IN THIS PRESENTATION

▪ Average Monthly Lease Price (ALP): Average monthly lease price is calculated by dividing (a) total revenues recognized and directly attributable to Table Products by (b) the number of Table Products Installed Base and by (c) the number of months in such period.

▪ Average Revenue per Daily Active User (ARPDAU): ARPDAU is calculated by dividing (a) daily revenue by (b) the number of Daily Active Users.

▪ Average Sales Price (ASP): Average sales price is calculated by dividing (a) total revenues recognized and directly attributable to EGM unit sales in a period by (b) the number of EGM units sold over that same period.

▪ Daily Active Users (DAU): DAU is a count of daily unique visitors to a site.▪ EGM Installed Base: EGM Installed Base is the number of recurring revenue EGM units installed on a

specified date.▪ Electronic Gaming Machine (EGM): EGMs include but are not limited to slot machines, Class II

machines, video poker and video lottery machines.▪ House Average (HA): House average is the average casino win from slot machines or table products. ▪ Monthly Active Users (MAU): MAU is a count of monthly unique visitors to a site.▪ Revenue Per Day (RPD): RPD is calculated by dividing (a) total revenues over a specified period

recognized and directly attributable to units on lease (whether on a participation or daily fee arrangement) by (b) the number of units installed over that period and by (c) the number of days in such period.

▪ Ship Share: Ship Share is the share of all slots sold in a specified period.▪ Table Products Installed Base: Table Products Installed Base is the number of table products installed

on a specified date.▪ TAM: Total addressable markets are markets in which we are currently licensed, or could be licensed

with minimal effort, to place EGMs in the United States and Canada.▪ Win Per Day (WPD): WPD is the total revenue generated by an EGM per day.

Unless otherwise indicated or the context otherwise requires, the following terms in this presentation have the meanings set forth below:

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FY 2019 OUTLOOK

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FY 2018 2019 Guidance

Adjusted EBITDA1 $136.2 $160 - $164

Capex $66.2 $65 - $69

▪ AGS expects to generate Adjusted EBITDA, a non-GAAP financial measure (see footnote below), of $160 - $164 million in 2019, representing growth of approximately 17%-20% compared to the prior year period

▪ AGS expects 2019 capital expenditures to be in the range of $65 -$69 million, reflecting an expectation for a continued increase in its installed base in both existing and new markets.

1) Please refer to appendix for Adjusted EBITDA reconciliation. We have not provided a reconciliation of forward looking total Adjusted EBITDA to the most directly comparable GAAP financial measure, Net income (loss), due primarily to the variability and difficulty in making accurate forecasts and projections of the variable and individual adjustments for a reconciliation to Net income (loss), as not all of the information necessary for a quantitative reconciliation is available to us without unreasonable effort. We expect that the main components of Net income (loss) for fiscal year 2019 shall consist of operating expenses, interest expenses as well as other expenses (income) and income tax expenses, which are inherently difficult to forecast and quantify with reasonable accuracy without unreasonable efforts. The amounts associated with these items have historically and may continue to vary significantly from quarter to quarter and material changes to these items could have a significant effect on our future GAAP results.

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ROAD TO $250M AEBITDARoad to $250M AEBITDA is an aspirational goal set by the Company to achieve $250M of Adjusted EBITDA within 3-5 years

$60-$95$10-$15

$15-$20

$15-$25

$230-$290

$45-$70($ in mm)

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$136

iGAMING ECOSYSTEM

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MULTIPLE GROWTH DRIVERS HAVE INCREASED EBITDA($ in mm)($ in mm)

$136

$62

$85

$107

$25

$16 $1$4

$30 $1.5

($0)($2 )

($1.7)

2015 EGMs TableProducts

Interactive 2016 EGMs TableProducts

Interactive 2017 EGMs TableProducts

Interactive 2018

◼ Total table products installed based increased to 2,400

◼Avg MAU of 192,835

◼ARPDAU increased to $0.57

◼Installed base leased units increased to 20,851

◼Sold 465 EGMs, a 129% y-o-y increase

◼R&D spend expanded product offerings

◼Increased table products installed base 84% to 1,500

◼R&D spend expanded product offerings

◼Avg. MAU +50%

◼Avg. DAU+54%

◼ARPDAU+31%

◼Installed base leased units increased to 23,805

◼ Total table products installed based increased to 3,162

◼Focus on B2B and optimizing return on B2C marketing spend

◼Avg MAU of 168,843

◼ARPDAU of $0.45

◼Installed base leased units increased to 24,647

◼Sold 4,387 units in 2018

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CONSOLIDATED OPERATIONAL SUMMARY

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($ in mm, except RPD, ASP, ALP and ARPDAU)

Operational and other data Q1 Q2 Q3 Q4 2017 Q1 Q2 Q3 Q4 2018

Revenues by segmentEGM $45.0 $47.4 $53.3 $54.2 $199.9 $61.3 $69.3 $71.8 $68.7 $271.0Table products 0.6 0.7 1.1 1.6 4.1 1.7 1.8 2.1 2.1 7.7Interactive 2.1 2.0 2.0 1.9 8.0 1.9 1.7 1.7 1.3 6.6Total revenue $47.8 $50.1 $56.4 $57.7 $212.0 $64.9 $72.8 $75.5 $72.1 $285.3

Adjusted EBITDA by segmentEGM $25.2 $26.5 $29.8 $26.3 $107.8 $34.3 $36.9 $34.0 $32.2 $137.4

% margin 56.0% 55.9% 55.8% 48.6% 53.9% 56.0% 53.2% 47.4% 46.9% 50.7%Table products (0.2) (0.3) (0.2) 0.2 (0.5) 0.2 0.1 0.4 0.3 0.9Interactive (0.1) (0.1) (0.1) (0.1) (0.4) 0.0 (0.4) (0.9) (0.9) (2.1)Total Adjusted EBITDA $24.9 $26.1 $29.4 $26.4 $106.8 $34.5 $36.6 $33.6 $31.5 $136.2

% margin 52.1% 52.1% 52.1% 45.9% 50.4% 53.2% 50.2% 44.5% 43.8% 47.7%

EGM segmentTotal installed base units 21,204 21,479 22,015 23,805 23,805 24,033 24,523 24,184 24,647 24,647Total revenue per day $19.93 $19.99 $19.65 $19.95 $19.88 $20.94 $21.77 $20.95 $20.20 $20.96– –EGM units sold 452 574 842 697 2,565 838 1,058 1,332 1,159 4,387Average sales price $15,695 $15,840 $15,890 $17,676 $16,329 $17,758 $18,728 $18,051 $18,782 $18,360

Table products segmentTable products install base 1,691 1,754 2,350 2,400 2,400 2,631 2,737 3,065 3,162 3,162Average monthly lease price $128 $125 $167 $226 $167 $220 $213 $214 $224 $218

Interactive segmentAverage MAU 192,560 183,912 194,239 200,628 192,835 224,183 179,008 148,668 123,514 168,843Average DAU 38,534 37,191 36,906 37,536 37,542 40,720 36,596 33,948 29,845 35,278ARPDAU $0.57 $0.58 $0.59 $0.54 $0.57 $0.51 $0.51 $0.43 $0.39 $0.45

TOTAL ADJUSTED EBITDA RECONCILIATION

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▪ Write downs and other include items related to loss on disposal or impairment of long lived assets, fair value adjustments to contingent consideration and acquisition costs

▪ Loss on extinguishment and modification of debt primarily relates to the refinancing of long-term debt, in which deferred loan costs and discounts related to old senior secured credit facilities were written off

• Other adjustments are primarily composed of professional fees incurred for projects, corporate and public filing compliance, contract cancellation fees and other transaction costs deemed to be non-operating in nature

▪ Other non-cash charges are costs related to non-cash charges and losses on the disposition of assets, non-cash charges on capitalized installation and delivery, which primarily includes the

costs to acquire contracts that are expensed over the estimated life of each contract and non-cash charges related to accretion of contract rights under development agreements

▪ New jurisdiction and regulatory license costs relate primarily to one-time non-operating costs incurred to obtain new licenses and develop products for new jurisdictions

▪ Legal & litigation expenses include payments to law firms and settlements for matters that are outside the normal course of business

▪ Acquisition & integration costs include restructuring and severance and are related to costs incurred after the purchase of businesses, such as the acquisitions of Rocket and Gameiom, to integrate operations

▪ Non-cash stock compensation includes non-cash compensation expense related to grants of options, restricted stock, and other equity awards

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($ in mm)

Adj. EBITDA reconciliation Q1 Q2 Q3 Q4 2017

Net loss ($12.4) ($20.1) ($4.1) ($8.5) ($45.1)

Income tax expense (benefit) 2.2 1.3 1.1 (6.5) (1.9)

Depreciation and amortization 18.5 18.2 16.9 18.1 71.6

Other (income) expense (2.8) (1.5) (0.5) 1.9 (2.9)

Interest income (0.0) (0.0) (0.0) (0.0) (0.1)

Interest expense 15.2 14.6 12.7 13.1 55.5

Write downs and other 0.2 1.9 0.5 1.8 4.5

Loss on extinguishment and modification of debt – 8.1 – 0.9 9.0

Other adjustments 0.6 0.9 0.5 0.8 2.9

Other non-cash charges 2.1 1.8 1.6 2.3 7.8

New jurisdiction and regulatory licensing costs 0.2 0.5 0.6 0.8 2.1

Legal & litigation expenses including settlement payments 0.4 0.2 0.2 (0.2) 0.5

Acquisition & integration related costs 0.6 0.2 0.1 2.0 2.9

Non-cash stock compensation – – – – –

Adjusted EBITDA $24.9 $26.1 $29.4 $26.4 $106.8

($ in mm)

Adj. EBITDA reconciliation Q1 Q2 Q3 Q4 2018

Net (loss) income ($9.5) ($5.3) $4.3 ($10.3) ($20.8)

Income tax (benefit) expense (12.4) 7.0 (3.5) 0.6 (8.4)

Depreciation and amortization 19.3 19.5 19.0 19.8 77.5

Other expense (income) 9.2 0.5 0.4 0.4 10.5

Interest income (0.1) (0.0) (0.1) (0.0) (0.2)

Interest expense 10.4 8.9 9.0 9.4 37.6

Write downs and other 1.6 1.0 0.7 5.5 8.8

Loss on extinguishment and modification of debt 4.6 – – 2.0 6.6

Other adjustments 0.4 0.9 0.9 0.2 2.4

Other non-cash charges 1.6 1.6 1.7 1.7 6.6

New jurisdiction and regulatory licensing costs – – – – –

Legal & litigation expenses including settlement payments – 0.8 (0.0) 0.2 1.0

Acquisition & integration related costs 1.2 1.2 0.7 0.5 3.6

Non-cash stock compensation 8.2 0.5 0.5 1.8 10.9

Adjusted EBITDA $34.5 $36.6 $33.6 $31.5 $136.2

CONNECT WITH US

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