Daily Fantasy Sports Player Survey - 2015

Adam Krejcik, Managing Director of Digital & Interactive Gaming, Eilers Research, LLC

July 14th, 2015

About Us: Us About Eilers Research, LLC is a boutique research firm focused on servicing the gaming equipment, technology, and interactive gaming sectors within the global gaming industry. Our products and services include market research, company research, and consulting services designed specifically for traditional land based & online casino companies, gaming technology providers, digital & interactive gaming companies, and institutional investors.  Market Research - Our proprietary market research offering includes multiple surveys and internally developed reports that are designed specifically to track key industry and product demand drivers, operating metrics, market share trends, and technology adoption rates.  Company Research - Our company research offering includes the active coverage of all major gaming equipment and technology providers, as well as social gaming companies.  Consulting & Advisory Services - Our consulting services division provides a wide range of customized research products and advisory services for both gaming companies and investors. For more information on how to become a client of Eilers Research, LLC, please email [email protected] or [email protected] . 2 of 36

Survey overview: Overview Survey This survey was conducted online between June 18th – July 9th, 2015. This survey was not commissioned by any 3rd party. Total respondents (n) = 1,420. Note: participants could skip any question and therefore total responses for individual questions may vary. Survey link was actively promoted on various distribution channels including: social media (i.e. Twitter, Facebook, LinkedIn), industry websites, and proprietary customer databases. Special thanks to everyone who participated and helped promote this survey. In particular we would like to thank our media partners: RotoGrinders, RotoWire, DFS Report and Legal Sports Report and our strategic partners: Fantini Research and IAGA. Copyright: All information in this report is property of Eilers Research, LLC and may not be reproduced without express written consent.

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Some Key Findings… We encourage readers to go through this entire report and draw their own conclusion based on the data we have collected. That said, some key findings & highlights include:  

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DFS players = millennials (and essentially all males). Most DFS players also participate in season-long fantasy and many play in more than one league / sport. However, nearly half of all survey participants said they’ve significantly reduced their season-long fantasy activity (after they started playing DFS). The most common reason cited among participants who said they do not play DFS was “too intimidating / time consuming”. Most DFS users have been active for under 2-years and would consider themselves “intermediate” players. Most users first heard about DFS though a “friend / referral”. A majority of DFS users said the “deposit bonus” did not have a major impact on their decision to create an account. Our survey participants said their favorite DFS site (where they spend most time / money) was DraftKings. DraftKings also received the highest Net Promoter Score at 21. Over half of our survey participants said they do not play on any other site besides FanDuel & DraftKings; the most popular #3 site among our participants was a tie between Victiv and Fantasy Aces. Our survey indicates most DFS players spend 10-20 hours a week on research and RotoGrinders is their preferred site (by a wide margin). 4 of 36

Some More Key Findings…  

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Most survey participants said their average total entry fees on a weekly basis was $100 or less. Most participants said $5 or less was their preferred price point for a GPP. Our survey results indicate that roughly 70% of players are not generating a positive ROI from DFS. Nonetheless, most survey participants said they “love it and would never quit” and the industry as a whole received a Net Promoter Score of 46. “It makes watching sports more fun /engaging” was the most often cited reason for what users love about DFS, while “rake structure” and “unlimited GPP entries” was the most frequently cited response for what users hate about DFS. Approximately 48% of our survey participants said they used to play real-money online poker, but roughly 98% said they would not substantially limit their DFS playing time if realmoney poker was legal & readily available in their state. Approximately 66% of our survey participants believe DFS is a legal alternative to sports betting, but 94% said they would not significantly reduce their DFS playing time if sports betting was legal & readily available in their state. Approximately 60% of our survey participants do not visit Las Vegas even once (during an average year). Roughly 45% of our participants said when they visit Las Vegas they typically spend more on food / entertainment versus gambling. Favorite form of gambling at a casino among survey participants was as follows (ranked highest to lowest): Sports Betting, Blackjack, Poker, Craps, Roulette, Slots, and Baccarat.

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I

Background Information Questions 1-5 of the survey inquired about participant background / demographics.

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Daily Fantasy Sports Survey – Background Information Our survey results indicate DFS is largely dominated by males. This differs from season-long fantasy at 66% males & 34% females, per recent FSTA Market Study - 2015 (conducted by IPSOS).

What is your gender? n = 1,237

Male

Female

2%

Our findings are consistent with a FanDuel Demographic Study (2014), which found 95% of its players are male.

98%

What is your ethnicity? n = 1,241

Our survey results indicate over 90%+ of DFS players are Caucasian / white.

3.7%

Asian or Pacific Islander

Black or African American

Hispanic or Latino

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

1.3%

0.6%

Other (please specify)

2.3%

Prefer not to answer

2.2%

White / Caucasian

0.7%

American Indian or Alaskan Native

91.6%

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Daily Fantasy Sports Survey - Background Information What is your approximate average household income?

Our survey results indicate that 59% of DFS players have an average household income of $75,000 or greater.

n = 1,221

$250,000 and up

6.6%

$150,000-$250,000

12.4%

$100,000-$150,000

FSTA Market Study found average household income was $77k/year, while FanDuel Demographic Study found $93k/year.

19.7%

$75,000-$100,000

20.0%

$50,000-$75,000

18.6%

$0-$50,000

22.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

What is your age? n = 1,243

51 or older

Our survey results indicate 51% of DFS players are between the age of 25-35.

5.5%

41 to 50

15.0%

36 to 40

This is consistent with FSTA Market Study, which found average age of 37.7 years old, and FanDuel Demographic Study.

15.3%

31 to 35

25.5%

25 to 30

25.7%

18 to 24

Under 18

12.7%

0.3%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

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Daily Fantasy Sports Survey - Background Information Where do you live? (Top-10 Responses Shown) n = 1,164

Approximately 40% of our survey participants resided in these 5 states: NY, CA, IL, FL, and PA

14%

12%

10%

8%

6%

4%

2%

0% NY

CA

IL

FL

PA

TX

NJ

Canada

MI

MA

Implied Top-10 States in North America for DFS Popularity* (indexed by adult population)

Top-10 states for DFS popularity in North America is based on number of survey respondents from each state (indexed by adult population).

North Dakota

Nevada New York New Jersey

* Note: the small population size of North Dakota & Eilers Research large database of contacts from Nevada may have skewed results (i.e. overindexed) for these two states.

Connecticut Massachesetts Illinois Nebraska Pennsylvania Minnesota -

0.50

1.00

1.50

2.00

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

2.50

3.00

3.50

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II

Season-Long Fantasy Preferences & Trends Questions 6-9 of the survey inquired about participant preferences and trends as it relates to season-long fantasy sports.

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Daily Fantasy Sports Survey – Season-long Preferences I have been playing traditional / season long fantasy sports (Football, Basketball, Baseball, etc.) n = 1,246

Over 10 years

Survey results indicate most DFS players also play in season-long leagues and most have been playing for over 10 years. Roughly 7% of DFS players “do not play” season-long fantasy.

53.1%

5 to 10 years

25.0%

1 to 4 years

15.3%

I don't play

6.6%

0.0%

20.0%

40.0%

60.0%

My average season long fantasy sports league entry fee is: n = 1,192

Over $1,001

$501-$1,000

$301-$500

1.6%

2.1%

Survey results indicate that average season-long entry fee is $50-$100 for most DFS players. 4.7%

$101-$300

25.1%

$50-$100

35.2%

Under $50 0.0%

31.4% 5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

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Daily Fantasy Sports Survey – Season-long Preferences I typically play in "X" number of season-long fantasy leagues during the NFL season? n = 1,168

5 or more

4

Survey results indicate most DFS players play in two or more season-long fantasy leagues during the NFL season.

15.1%

7.9%

3

23.5%

2

30.7%

1

0.0%

22.9% 10.0%

20.0%

30.0%

40.0%

During the year I typically play in at least one other season long fantasy sports league besides NFL? n = 1,222

Survey results indicate most DFS players also play in at least one other season-long fantasy sports league (ex-NFL) during the year.

False, 38.8%

True, 61.2%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

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Daily Fantasy Sports Survey – Season-long Preferences Of the 110 respondents who said they did not play DFS the most common listed response (28%) was that “it appears to be too time consuming or intimidating”. The most frequent written responses for “Other” included: “Too many sharks / only top-1% ever win” and “it lacked the social elements / GM features found in season-long fantasy”. Note: we have excluded these 110 participants results from all the data we have provided throughout this report. The Reason I do NOT Play Daily Fantasy Sports (DFS): n = 110

Other (please specify)

29.1%

Don't want to risk any money

19.1%

I'm concerned about the legality

10.0%

It appears to be too time consuming or intimidating

28.2%

I don't know what Daily Fantasy Sports are

0.0%

13.6%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

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III

DFS Player Habits DFS Player Profile Questions 10-17 of the survey inquired about participant background and history as it relates to Daily Fantasy Sports.

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Daily Fantasy Sports Survey – Player Profile I have been playing Daily Fantasy Sports: n = 1,244

Over 3 years

Survey results indicate that 62% of DFS players have been active for less than 2-years.

18.2%

2 to 3 years

19.5%

1 to 2 years

30.2%

Less than 1 year

32.1%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

I would consider myself a DFS: n = 1,246

Pro (I do this for a living)

3.0%

Advanced (10-20hrs a week on research, multiple sports, large bankroll)

25.1%

Intermediate

Beginner (played a few times, limited 1-2 sports, small bankroll)

56.1%

Survey results indicate majority (56%) of DFS users categorize themselves as “intermediate” players.

15.7%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

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Daily Fantasy Sports Survey – Player Profile I first heard about DFS through: n = 1,238

30.0%

Survey results indicate that most users (26%) first heard about DFS through “friend / referral / word of mouth” followed by “web” advertising (25%).

26.0% 24.9%

25.0%

20.0%

19.6% 17.5%

15.0%

10.0% 7.3% 4.7%

5.0%

0.0%

TV commercial

Radio

Social media (Facebook, Twitter, etc.)

Web Friend / referral / (Rotogrinders, word of m outh ESPN, Rotowire)

Other (please specify)

Please rate your experience / opinion of each DFS vertical: (Scale of 1 to 5, with 5 "love it" and "1" hate it. Score of 2.5 = neutral opinion) n = 1,243

NASCAR

MMA Hockey

Survey results indicate that the most popular DFS sports among users is Football, followed by Baseball and Basketball.

Soccer Golf Baseball

Basketball Football 0.00 Aggregated score

0.50 Football 4.53

1.00 Basketball 3.99

1.50 Baseball 4.10

2.00

2.50 Golf 3.59

3.00 Soccer 2.34

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

3.50 Hockey 2.96

4.00 MMA 2.34

4.50

5.00

NASCAR 2.51

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Daily Fantasy Sports Survey – Player Profile The "deposit bonus" played a major role in my decision to create my first DFS account? n = 1,239

Survey results indicate that the “deposit bonus” promotion does not play a major role in terms of new account registration.

Yes, 30.2%

No, 69.8%

Since I've started playing DFS I no longer play or have significantly reduced my season long fantasy activity? n = 1,217

Survey results indicate that nearly half of all DFS players have “significantly reduced” their seasonlong fantasy activity after they begun playing DFS. Yes, 48.1% No, 51.9%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

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IV

DFS Player DFS Usage & Habits Preferences Questions 18-29 of the survey inquired about participant usage and preferences as it relates to Daily Fantasy Sports.

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Daily Fantasy Sports Survey – Usage & Preferences My favorite DFS site (where I spend most of my time/money) n = 1,217

Other (please specify)

Our survey participants favored DraftKings over FanDuel, which is also consistent with Net Promoter Score question (asked later in the survey).

6.4%

DraftKings

50.6%

FanDuel

43.0%

0.0%

20.0%

40.0%

60.0%

Besides FanDuel & DraftKings my next favorite DFS site (where I spend most of my time/money) n= 1,215

56.0%

Outside of the Big 2 our survey participants said they spend a majority of their time/money on Victiv & Fantasy Aces. Notably, our survey implies that over half of all DFS players do not play on any other site besides FD & DK.

13.7%

13.3% 8.1%

5.7%

3.3% Fantasy Aces

DraftDay

Victiv

Fantasy Feud*

I don't play on any other sites

Other (please specify)

* Fantasy Feud was not listed as a multiple choice option, % above is based upon # of written-in “Other” responses Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

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Daily Fantasy Sports Survey – Usage & Preferences Our survey indicates that “Liquidity / plenty of cash games & GPPs to choose from” was the “Most Important” factor in terms of what makes a user choose a certain DFS site. “Game format / interface / mobile app” and “payout structure” were also considered to be important. The “Least Important” factors included: “My friends play on the site” and “referral & deposit bonus”

Please rate the importance of what makes you play on a certain DFS site (Respondants had to rank each option "Least Important" (1) to "Most Important" (7) and could not choose the same numerical rating for more than one answer) n = 1,206

Referral & deposit bonus / affiliate program Overlay Game format / interface / mobile app Payout structure My friends play on the site Liquidity / plenty of cash games & GPPs to choose from Size of Guaranteed Prize Pools (GPPs) 0.00

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

1.00

2.00

3.00

4.00

5.00

6.00

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Daily Fantasy Sports Survey – Usage & Preferences Each week I spend "X" hours engaging in DFS research n = 1,219

Over 30 hrs

Survey results indicate that most users (32%) spend 10-20 hours a week engaging in DFS research.

9.5%

20-30 hrs

12.8%

10-20 hrs

32.2%

5-10 hrs

29.8%

Under 5 hours

15.7%

0.0%

10.0%

20.0%

30.0%

40.0%

The website I use most to conduct DFS research: n = 1,205

Other (please specify)

ESPN

Rotowire

20.3%

Survey results indicate that RotoGrinders is by far the most popular website used to conduct DFS research.

5.8%

4.3%

Rotogrinders

Rotoworld 0.0%

63.3%

6.2% 20.0%

40.0%

60.0%

80.0%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

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Daily Fantasy Sports Survey – Usage & Preferences My total average entry fees / $ at risk on a weekly basis: n = 1,212

Over $10,000

Survey results indicate that most users (42%) spend on average less than $100 a week on DFS.

2.9%

$2,000-$10,000

6.5%

$500-$2,000

14.7%

$100-$500

33.5%

Under $100

42.4%

My favorite / preferred price point for a GPP tournament n = 1,216

Over $1,000

0.2%

$100-$1,000 $30-$100 $20-$30

2.7%

Survey results indicate that most users (46%) prefer GPPs that have a $5 or less entry fee.

4.2%

13.7%

$5-$20

32.8%

Under $5 0.0%

46.4% 20.0%

40.0%

60.0%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

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Daily Fantasy Sports Survey – Usage & Preferences The most I have ever won in a single week playing DFS: n = 1,214

Over $100,000

Survey results indicate that most users (26%) single biggest weekly win has been between $100$500.

1.6%

$20,000-$100,000

5.5%

$5,000-$20,000

14.0%

$1,000-$5,000

20.3%

$500-$1,000

15.7%

$100-$500

26.4%

Under $100

16.6%

The most I have ever lost in a single week playing DFS n = 1,216

Over $20,000

$5,000-$20,000

$1,000-$5,000

$500-$1,000

1.4%

Survey results indicate that most users (38%) single biggest weekly loss has been under $100.

3.5%

12.0%

11.6%

$100-$500

Under $100

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

33.6%

37.8%

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Daily Fantasy Sports Survey – Usage & Preferences Our survey results indicate that the ROI for most DFS players is between “Breakeven and +20%”. If we assume that most participants who selected “breakeven to +20%” were likely just breakeven (its human nature to round higher when it comes to investing or wagering and in reality most players are doing worse than they imagine) that would imply that 70% of players are not generating a positive return from DFS. This is consistent with our own due diligence and tournament payout structures at many DFS sites. My Return on Investment (ROI) from DFS over the trailing 12-month period: n = 1,202

Over 1000%

3.5%

+100% to +1000%

9.8%

+20% to +100%

16.6%

Breakeven to +20%

35.5%

50% loss to breakeven

23.9%

50% loss or worse

0.0%

10.6%

5.0%

10.0%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

15.0%

20.0%

25.0%

30.0%

35.0%

40.0% 24 of 36

V

DFS Player Habits DFS Player Experience Questions 30-39 of the survey inquired about participant experience and preferences for 3rd party tools & sites.

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Daily Fantasy Sports Survey – Player Experience I typically allocate X% of my bankroll to GPP tournaments: n = 1,203

Survey results indicate that most users (47%) allocate less than 10% of their “bankroll” to GPPs.

Over 90% 70% to 90% 50% to 70% 30% to 50% 10% to 30% 10% or less 0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

I would watch a video commercial / fill-out a survey / etc. if it meant I got a free entry into a GPP? n = 1,216

No, 11.5%

Survey results indicate that an overwhelming majority of users (88.5%) would watch an advertisement / fill-out a survey if it meant a free entry into a GPP. Yes, 88.5%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

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Daily Fantasy Sports Survey – Player Experience I use 3rd party tools or websites, which cost money to conduct DFS research and help me set lineups? n = 1,208

Yes, 48.1%

Have you used a lineup optimizer or lineup builder as part of your process to enter lineups? n = 1,200

No, 48.8% Yes, 51.2%

No, 51.9%

If you answered “Yes” to the above question, “the average amount I spend on 3rd party data/resources during a year”: n = 568

Over $1,000

1.2%

$300-$1,000

Survey results indicate that nearly half of all players use 3rd party tools / websites that cost money; of these users 54% spend under $100 or less per year.

10.0%

$100-$300

34.9%

Under $100

0.0%

53.9%

20.0%

40.0%

60.0%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

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Daily Fantasy Sports Survey – Player Experience My experience playing DFS to date: n = 1,211

I love it, will never quit and I tell everyone I know about DFS

55.7%

It's pretty fun and would likely recommend to a friend

40.2%

It’s okay, but would not recommend

I hate it and have / plan to quit

Survey results indicate that DFS player experience is overwhelmingly positive with 56% of users saying “I love it, will never quit and I tell everyone I know about DFS”.

3.8%

0.3%

0.0%

20.0%

40.0%

60.0%

Net Promoter Score (NPS) for DFS industry as whole is also strong at 46. NPS is calculated by taking the percentage of customers who are Promoters and subtracting the percentage who are Detractors. • Promoters (score 9-10) are loyal enthusiasts who will keep buying and refering others, fueling growth. • Passives (score 7-8) are satisfied but unenthusiastic customers who are vulnerable to competitive offerings. • Detractors (score 0-6) are unhappy customers who can damage your brand and impede growth through negative word-of-mouth. Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

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Daily Fantasy Sports Survey – Player Experience The thing I LOVE most about DFS (pls choose most accurate response): n = 1,204

Research / analytical side

Survey results indicate the aspect that most players “love” about DFS is: “it makes watching the games more fun / engaging”. Notably, “I’ve made a lot of money” was the least cited response.

25.5%

Excitement / thrill factor of having money on the line

31.0%

I've made a lot of money

8.6%

It makes watching games more fun / engaging

35.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

The thing I HATE most about DFS (pls choose most accurate response): n = 1,196

Too many sharks / not enough beginner-only games

19.1%

Rake structure

It's taken the fun out of watching sports

32.4%

Time consuming

I've lost a lot of money / hardly ever win

Survey results indicate the aspect that players “hate” the most about DFS is: “rake structure” followed closely by “multiple / unlimited entries into GPPs”.

0.9%

10.4%

5.4%

Multiple / unlimited entries in GPPs

0.0%

31.8%

5.0%

10.0%

15.0%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

20.0%

25.0%

30.0%

35.0%

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Daily Fantasy Sports Survey – Player Experience FanDuel received a Net Promoter Score of 2 among our survey participants.

DraftKings received a Net Promoter Score of 21 among our survey participants.

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

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Daily Fantasy Sports Survey – Player Experience Our survey results indicate that most DFS users (61%) are active paying players on both FanDuel and DraftKings. This indicates, despite varying opinions about each site, a majority of users are still active on both sites.

I'm an active paying player on both FanDuel & DraftKings? n = 1,201

No, 38.8%

Yes, 61.2%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

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VI

DFS Player Habits DFS Behavioral Background Questions 40-48 of the survey inquired about participant background & preferences as it relates to the gambling industry.

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Daily Fantasy Sports Survey – Behavioral Background Does this statement accurately reflect you: “I used to play online poker for money”:

Does this statement accurately reflect your view: “If realmoney online poker was readily available and legal I would mostly stop playing DFS”

n = 1,209

n = 1,206

No

97.5%

Yes, 43.8% No, 56.2%

Yes

Does this statement accurately reflect your view: “DFS is a legal alternative to sports betting”: n = 1,205

2.5%

Does this statement accurately reflect your view: “If sports’ betting was legal and readily available in my state I would mostly stop playing DFS”: n = 1,201

No

93.9%

No, 34.5%

Yes, 65.5%

Yes

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

6.1%

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Daily Fantasy Sports Survey – Behavioral Background Does this statement accurately reflect your view: “I believe DFS is gambling”: n = 1,204

When I go to Las Vegas I typically spend more money on Entertainment (food, beverages, shows, nightlife, etc.) versus gambling? n = 1,075

True, 41.8% True, 45.3% False, 58.2%

False, 54.7%

I visit Las Vegas "X" times a year:

I visit a Casino (ex-Las Vegas) "X" times per year:

n = 1,205

5 or more times 4

n = 1,203

2.5%

11 or more

1.0%

3 2

6-10

3.5%

59.8% 40.0%

13.0%

1

26.1%

20.0%

16.3%

2

0 0.0%

6.3%

3-5

7.2%

1

9.1%

60.0%

80.0%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

18.8%

0 0.0%

36.6% 10.0%

20.0%

30.0%

40.0%

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Daily Fantasy Sports Survey – Behavioral Background Our survey results indicate that most DFS users’ favorite activity at a casino is Sports Betting, followed by Blackjack and Poker. Baccarat and Slots ranked the lowest in terms of preferred form of gambling at a casino.

My favorite form of gambling at a casino? (Particpants were asked to rank order. Score ranking: 7 = favorite, 1 = least favorite) n = 1,068

Sports Betting

5.59

Blackjack

5.17

Poker

4.91

Craps

3.98

Roulette

3.65

Slots Baccarat

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015”

2.98 1.75

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Contactoverview: Information Survey For additional information or to inquire about purchasing data-sets & additional DFS related research please contact: Adam Krejcik Managing Partner, Eilers Research, LLC

Email: [email protected] Office: (714) 769-9156 Twitter: @akrejcik, @eilersresearch

Disclosure: Eilers Research, LLC is an independent research firm and is neither a registered broker dealer nor a registered investment advisor. No information contained in this report shall constitute as a recommendation or solicitation to buy or sell a security. Individuals receiving this report should consult with an investment advisor or registered representative before making an investment decision related to any information contained in this report. In addition, Eilers Research, LLC either does, or may seek to do business with any company mentioned in this report. This report was prepared for and distributed to clients of Eilers Research, LLC. If you are not the intended recipient and/or received this report in error, please delete this document and notify Eilers Research, LLC at [email protected], or call 714-769-9154. This report is also protected by federal copyright law. Any unauthorized review, dissemination, or copying of this communication is strictly prohibited. By accessing, reading, storing, distributing and archiving this research report, you hereby agree, fully, and without dispute, to all terms and conditions outlined above.

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