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Investor OverviewNovember 2019

1

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This presentation contains statements that constitute forward-looking statements which involve risks and uncertainties, including such risks and uncertaintiesdetailed 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 theCompany on March 5, 2019. These statements include descriptions regarding the intent, belief or current expectations of AGS or its officers with respect to theconsolidated results of operations and financial condition, 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 and actualresults may differ from those in the forward-looking statements as a result of various factors and assumptions. These statements are subject to risks, uncertainties,changes in circumstances, assumptions and other important factors, many of which are outside management’s control, that could cause actual results to differmaterially from the results discussed in the forward-looking statements. You are cautioned not to place undue reliance on these forward looking statements, whichare based on the current view of the management of AGS on future events. We undertake no obligation to publicly update or revise any forward-lookingstatement contained in this presentation, whether as a result of new information, future events or otherwise, except as required by law. In light of the risks,uncertainties and assumptions, the forward-looking events discussed in this presentation might not occur, and our actual results could differ materially from thoseanticipated in these forward-looking statements.

This presentation also contains references to Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), Adjusted EBITDA, total net debt leverageratio, free cash flow and adjusted total net debt leverage ratio which are non-GAAP financial measures. Management believes that EBITDA and Adjusted EBITDAand related measures are commonly 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, financial measures prepared inaccordance with GAAP. Please refer to the appendix of this presentation for a reconciliation of certain non-GAAP financial measures included in this presentationto 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 the information contained hereinmay change at any time without notice. Except as required by applicable law, we do not have any responsibility to update the presentation to account for suchchanges.

Certain information in this presentation is based upon management forecasts and reflects prevailing conditions and management’s views as of this date, all ofwhich are subject to change. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy andcompleteness of all information available from public sources or which was provided to us by third parties. The information contained herein is subject to change,completion or amendment and we are not under any obligation to keep you advised of such changes. We make no representation or warranty, express orimplied, with respect to the accuracy, reasonableness or completeness of any of the information contained herein, including, but not limited to, informationobtained from third parties.

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

2

▪ Market-leading and high-performing products

• Casino-owned EGMs generated win per day of ~1.4x(1)

▪ Recurring revenue represents 70% of total revenue(2)

▪ Growth in free cash flow provides opportunities for high-ROI investments, growth and deleveraging

▪ ~1 - 2 year payback periods on new leased EGMs

▪ AGS generates one of the top EGM Adjusted EBITDA margins in the industry, which fund high-ROI growth opportunities

▪ EGM sales provide a tremendous opportunity to expand and diversify product and customer mix

INVESTMENT HIGHLIGHTS

Attractive

Business Model

w/ High-

Performing

Products

▪ Industry-leading game performance drives continued market share growth

▪ Recent ship share gains far in excess of current market share: ~6% U.S. ship share(3)

vs 3.1% market share of a total market of nearly 1 million EGMs.

▪ Substantial whitespace opportunity due to an expansive total addressable market: Grew new licenses and TAM by 79% and 38%, respectfully, since 2014

▪ Emerging product line in large table games market

▪ Real money gaming offers future upside by leveraging land-based content in emerging markets in Europe and U.S.

▪ Meaningful international expansion opportunities in Philippines, Canada and South America

Multiple Levers

for Growth

(1) Eilers-Fantini Game Performance Report – October 2019 (suppliers with more than 100 games)

(2) For LTM 9/30/19

(3) Eilers – Fantini Quarterly Slot Surveys

3

Q3 2019 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

REVENUE ADJUSTED EBITDA

$256.5

$284.6

$7.2

$9.6

$7.2

$4.9

180.0

230.0

280.0

LTM 9/30/2018 LTM 9/30/2019

EGM Table Products Interactive

$71.8

$75.3

$2.1

$2.9

$1.7

$1.2

Q3 2018 Q3 2019

EGM Table Products Interactive

($ in mm) ($ in mm)

Recurring

Revenue

$207.9

Recurring

Revenue

$52.5

$75.5

$79.4

$299.0

$270.9

$131.5

$140.3

$0.9

$3.0

100.0

150.0

LTM 9/30/2018 LTM 9/30/2019

EGM Table Products

Interactive: ($1.3) Interactive: ($2.9)

$34.0 $35.8

$0.4

$1.4

Q3 2018 Q3 2019

EGM Table Products

Interactive: ($0.9) Interactive: ($0.4)

$131.1

$36.8

$33.6

$140.3

4

CORE VALUES

5

ACCOLADES

We are proud of our people, products, and culture and appreciate the fact that we are recognized for the impact we make in all three facets.

2017 & 2018‘17, ‘18, ‘19Orion and Bonus Spin STAX Progressive

Orion - 2016

5%+US AGS employees

are veterans

Amy LawrenceVP of Regulatory Affairs &Associate General Counsel

Vegas Inc.Financial Executive of the Year

Manufacturing & Technology

Kimo AkionaChief Financial Officer

STAX Progressive

David LopezChief Executive Officer

PEOPLE PRODUCTS CULTURE

6

PERFORMANCE DRIVEN BY CULTURE OF INNOVATION

David Lopez

Kimo Akiona

Sigmund Lee

Matt Reback

Julia Boguslawski

John Hemberger

Andrew Burke

TitleYears

Experience

Years at

AGSAGS Drives Innovation Through Its Unique Culture

760+ EMPLOYEESAROUND THE GLOBE

R&D employees represent ~35% of total AGS employees

7

AGS COMPANY OVERVIEW

Table Products: $10mm+33% Y-o-Y

$299mm Revenue+10% Y-o-Y

47% Adj. EBITDA margin

$140mm Adj. EBITDA+7% Y-o-Y

LTM 9/30/19Revenue

70% RECURRING REVENUE

EGM: $285mm+11% Y-o-Y

Interactive: $5mm-32% Y-o-Y

CanadaMexico Philippines Brazil

RampingEstablished Early Entry

LTM 9/30/19

(1)

Prospective

Note: All figures as of LTM 9/30/19. Y-o-Y growth is from LTM 9/30/18 to LTM 9/30/19

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

FINANCIAL SNAPSHOT SEGMENT BREAKDOWNSIGNIFICANT EGM

WHITESPACE OPPORTUNIY

CORPORATE EVOLUTION

No Gaming

8

EGM SEGMENT

9

Class II

12,355

Intl

8,668

Class III

5,852

VLT

517

EGM SEGMENTSTRONG RECURRING REVENUE BASE WITH INDUSTRY-LEADING MARGINS

27,392

leased

EGMs

45%

32%

21%

Mexico &

Philippines

Y-o-Y

8%

Y-o-Y

+73%

Y-o-Y

7%

▪ Second largest Class II Installed Base

▪ High recurring revenue

▪ Strong relationships

▪ High margin business

2%

EGM INSTALLED BASE

Note: Installed base as of 9/30/2019

Driven by the

acquisition of

Integrity EGMs

10

EGM SEGMENT

EGM REVENUE & EGM ADJUSTED EBITDA

$120 $156

$200

$271 $285

$66 $92 $108

$137 $140

2015 2016 2017 2018 LTM

9/30/2019

EGM Revenue EGM Adjusted EBITDA

($ in mm)

13,139 13,953 16,078 16,29618,724

6,1126,898

7,727 8,3518,668

2015 2016 2017 2018 9/30/2019

Domestic International

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

STEADY RAMP IN NUMBER OF LEASED EGMs

Note: All financial figures include contributions of Cadillac Jack following acquisition in May 2015, Rocket Gaming Systems acquisition in December 2017 and Integrity Gaming Corp. acquisition in February 2019.(1) Gross Profit Margin for leased units = EGM gaming operations revenue less EGM cost of gaming operations, divided by EGM gaming operations revenue for LTM 9/30/19(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 LTM 9/30/19(3) EILERS-FANTINI Quarterly Slot Surveys

~50% gross profit margin(2)

203 465

2,565

4,387

4,755

2015 2016 2017 2018 LTM

9/30/2019

Achieved 5.5% ship

share in TTM period

ending Q3 vs. 1.8%

two years ago(3)

CONTINUED GROWTH IN SOLD EGMs

11

EGM SEGMENT – EXISTING PRODUCTSCOMPREHENSIVE EGM PRODUCT LINE-UP

Pricing ModelPremium Lease

OnlySale & Lease Sale & Lease Sale & Lease Lease Only

Year Introduced 2014 2016 2017 2018 2019

Installed Base (1) 231 5,084 2,706 1,162 208

Approx. Fixed

Fees~$85 ~$25 ~$50 ~$30 N/A

Units Sold LTM N/A 692 2,690 961 N/A

Selling Price N/A ~$15,500 ~$20,500 ~$19,000 N/A

Best value in the industry and smartest

price point. Core cabinet for mass

market

Performance focused, premium portrait. One of the

top-performing cabinets in the U.S.

Allows opportunity to penetrate the

slant top category

Ultra Jumbo Format with classic gameplay

Utility cabinet designed specifically

for video-bingo players

Note: Based on our list price of EGMs

(1) Leased units as of 9/30/19

Big Red ICON Orion Portrait Orion Slant Alora

12

EGM SEGMENT - NEW PRODUCTS FUELING GROWTHEXCITING NEW PRODUCTS IN THE PIPELINE

Pricing Model Sale & Lease Premium Lease Only Sale & Lease Premium Lease Only

Year Introduced Q3 2019 Q4 2019 Q3 2020 H2 2020

Planning

~60 new

titles &

~1

cabinet

a year

Eight-foot premium cabinet gives AGS a competitive curved

portrait option

Large-format LED display for premium

portrait elevates game merchandising

beyond traditional signs, end caps, etc.

High-rise format for premium lease only

merchandised to attract players

Robust product pipeline fuels future growth

Orion Rise Orion 49C StarwallOrion Upright

Broadens product portfolio and allows

for greater penetration

Pipeline

13

1.4X1.3X

1.1X1.1X 1.0X

1.0X 0.9X 0.9X

0.8X

Pe

rfo

rma

nc

e o

ve

r zo

ne

av

era

ge

TOP 25 CORE GAME @

2.02 HA(2)

TOP 25 CORE GAME @

1.69 HA(2)

RECENT EGM PERFORMANCE

GAME PERFORMANCE OVERVIEW

▪ 6 fully staffed R&D studios across the globe to generate industry recognized content

▪ Proven ability to create high-performing content offerings with staying

power

(1) Eilers-Fantini Game Performance Report – October 2019 (suppliers with more than 100 games)(2) Eilers-Fantini Game Performance Report – October 2019

Top Indexing Suppliers – Owned (Domestic Performance)(1)

TOP INDEXING SUPPLIER OVERALL(1)

14

EGM SEGMENTSUSTAINABLE GROWTH THROUGH MARKET EXPANSION AND PRODUCT PERFORMANCE

AGS Licenses

AGS Total Addressable Market(3)

AGS Domestic Leased Units

AGS Domestic Leased + Sold Units

161

~650,000

8,735

9,403

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

79%

38%

114%

226%

288

~900,000

18,724

30,693

(1) AGS installed base as a % of total domestic EGM market, which was ~970,000 and ~999,000 as of 2014 and 9/30/19, respectively

(2) AGS sold units as a % of total domestic EGM market, which was ~970,000 and ~999,000 as of 2014 and 9/30/19, respectively

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

2014 9/30/2019

Total Domestic Market

AGS Market Share Leased Units(1)

0.9% - Leased Units

1.9% - Lease Units} 3.1%Total Market Share

Growth

2014-9/30/19

AGS Market Share Sold Units(2)

1.2% - Sold Units

15

FOOTPRINTAGS HAS SIGNIFICANTLY EXPANDED ITS FOOTPRINT, BUT STILL HAS MANY EARLY ENTRY MARKETS TO PENETRATE

74%

6%

12%

8%

CA74,714

NV160,573

UT

AZ16,762

TX3,751

OR19,234

WA32,009

ID3,764

MT17,659

WY1,675

CO13,700

NM20,055

OK75,100

KS8,555

NE658

SD14,650

ND3,969

MN21,385

WI18,087

MI30,961IA

19,020

IL41,580

MO16,536

AR2,786

LA41,239

FL23,681

GAAL6,435

MS28,964

SC

NC4,430TN

KY2,829

IN19,820

OH18,882

WV12,950 MD

11,498

PA24,869

NY35,274

ME1,683

VTNH MA

6,854

CT7,646

RI5,107

DE6,742

MB10,099

RampingEstablished Early Entry Prospective No Casino Gaming

AK90

% of total units

BC15,490

NB2,711

NL1,896

SK7,579

AB20,784

ON24,777

QC17,013

NS2,919

PE505

Note: Eilers: Slot & Table Count – 2Q19

NJ17,756

VA1,450

16

12%

MARKET SHAREAGS IS GROWING MARKET SHARE IN CURRENTLY LICENSED STATES

▪ Solid recurring revenue base and

market leadership in core markets of

OK, AL and TX

▪ AGS has successfully secured

licenses in, and begun to penetrate,

key Class III markets (e.g., NV,

Canada, PA and LA)

▪ Recent ship share gains far in excess

of current market share of 3.1%

▪ 1.7% market share when excluding

established markets

▪ 2019 key markets include Canada,

Florida, California, Oklahoma and

Pennsylvania

▪ Q3 2019 market share of 3.1%, up

from market share of 2.4% in Q3 2018

▪ 6% ship share in Canada(4)

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 - 2Q19(2) Other Early Entry jurisdictions include AR, AZ, CT, DE, ID, IA, IL, KS, MD, MA, MN, ND, NE, NJ, NC, OR, SD, WA, WI, WY and the Canadian provinces of British Columbia, Manitoba, New Brunswick, Nova

Scotia, Prince Edward Island, and Saskatchewan. (3) AGS is not currently licensed in U.S. states of AK, CO, KY, ME, MO, RI, VA, WV and the Canadian province of Newfoundland & Labrador. (4) Ship share is average 9/30/2019 TTM ship share Per Eilers& Krejcik

Market Stage JurisdictionEstimated TotalUnits in State(1)

AGS Estimated Current Market Share

Established

/ Class II

Alabama 6,435 43.6%

Texas 3,751 36.9%

Oklahoma 75,100 14.3%

Ramping

Florida 23,681 11.7%

Montana 17,659 2.9%

California 74,714 2.9%

Early Entry

Ontario - CAN 24,777 2.0%

Indiana 19,820 1.9%

New Mexico 20,055 1.7%

Mississippi 28,964 1.5%

Michigan 30,961 1.3%

New York 35,274 1.1%

Alberta - CAN 20,784 1.1%

Louisiana 41,239 1.0%

Nevada 160,573 0.9%

Ohio 18,882 0.6%

Pennsylvania 24,869 0.6%

Quebec - CAN 17,013 0.1%

Other(2) 298,363 1.8%

Prospective Other(3) 56,241 0.0%

Total 999,155 3.1%

13%

8%

7%

7%

Ship

Share(4)

5%

7%

5%

7%

5%

17

DOMESTIC SHIP SHARE BY CABINET TYPE

SHIP SHARE(2)

(1) Includes jumbo, large top box, premium video, premium reel

(2) Approximated recent domestic ship share per Eilers & Krejcik

Large Top Box

& Other(1) – 2%

Slant – 3%

Mechanical

Reel – 10%

Upright – 35%

Portrait – 50%

18

$11.0 $11.1

$11.7

$12.4

$13.2

$14.7

$14.1

$13.6

$15.9

$16.7

$15.7

Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19

Column1

OKLAHOMA OVERVIEW – RECURRING REVENUE

AGS Oklahoma Gaming Operations Revenue

($ in mm)

19

OKLAHOMA OVERVIEW – INSTALLED BASE

5,419 5,375 5,364 5,549 5,649 5,604 5,528 5,769 5,965 5,930 6,222

1,049 1,114 1,162 1,257 1,417 1,473 1,5201,874 1,941 1,877

2,074

2,287 2,2762,207

Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19

Class 2 Class 3 Integrity

7,066 7,048

10,19310,503

7,0777,643

10,083

(1)

6,8066,5266,4896,468

AGS OKLAHOMA INSTALLED BASE

(1) Represents Oklahoma units only with 133 Integrity units in Texas

20

OKLAHOMA OVERVIEW - RPD

$20.57 $20.45$21.16 $21.58 $21.53

$23.18

$21.72$20.41 $20.15 $19.63

$18.13

$10.00

$12.00

$14.00

$16.00

$18.00

$20.00

$22.00

$24.00

Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19

Oklahoma RPD - - - - Integrity Impact

$21.00$20.48

$18.96

$0.85

$0.83

$0.85

AGS OKLAHOMA RPD

Note: 2019 RPD includes EGMs acquired from Integrity which have an RPD of approximately $15.

21

OKLAHOMA UPDATE – EARLY INDICATORS

▪ Touching approximately 1,500 units by the end of 2019

• More than 900 touches to date

✓ EX: Theme changes on our lowest performing units have begun to stabilize the performance

✓ EX: Initial 200 theme changes at a premier property, primarily on Slant cabinets, resulted in a 70% yield increase

• More than 140 cabinet swaps in the quarter

• Nearly 100 units underwent zone changes

▪ Through increasing our resources, we have enhanced the depth and quality of data analysis

▪ Through leveraging long standing relationships, we now have detailed daily performance reports on ~60% of our Oklahoma installed base

22

EMERGING SUPPLIERSSMALLER SUPPLIERS GAINING SHARE

17%

20%

17% 16%

25%27%

28%

31%

34%

10%

20%

30%

40%

12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19

Industry consolidation triggered

shift towards Non-Big-3 suppliers

30%

23%20%

7% 6% 5% 4% 2% 1% 0% 0% 1%

Other

Big-3 Non-Big-3

(1) EILERS: Gaming Supplier KPIs - 2Q19. 9/19 is based on Eilers estimates.

(2) 3Q19 EILERS-FANTINI Quarterly Slot Survey; expected forward replacement ship share includes route ops

9/19

33%

Non-Big-3 Ship Share Increasing as Customers Prefer More Diversification Given Industry Consolidation(1)

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

23

EGM - INTERNATIONAL GROWTH

GROW INTERNATIONAL FOOTPRINT (MOSTLY RECURRING REVENUE)

International

Mexico

Philippines

▪ Initial ALORA units currently installed and live

▪ Monitoring initial performance

▪ ~70,000 unit market size

▪ Currently represent ~10% of the Mexico EGM market

▪ ~88,000 unit market size

▪ Low cost optimization of legacy domestic units

Imm

ed

iate

Up

sid

e

▪ Argentina, Peru and Asia represent future opportunities for growth

Brazil

Furt

he

r U

psi

de

▪ Pending legislation could allow up to 500,000+ video bingo machines

▪ Targeting 8,000-10,000 recurring revenue video bingo machines

24

▪ Brazil Senate and House bills to legalize all forms of gambling are currently pending; expected to become a

$15bn+ market

• Legislation is being actively debated in Brazilian House

▪ Pending legislation could allow up to 40,000 slot machines and 500,000+ video bingo machines (twice the size

of California and Nevada EGM market), of which AGS is positioned to take a sizable share

AGS Strategy

▪ Invested necessary R&D capital to establish a foothold in the Brazilian gaming market with a local partner to

provide content, distribution and build machines to be ready for a potential market open

▪ Targeting approximately 2% market share (total of 8,000 – 10,000 units over five years); however, there are

already 8,700 units under MOU demonstrating the asymmetrical upside of the opportunity

($ in mm unless noted)

MARKET OPPORTUNITY - BRAZIL

Brazil Market Opportunity

Incremental Revenue(2) Incremental Gross Profit(3)

LTM 6/30/19 Domestic RPD LTM 6/30/19 EGM Leased

AGS Units

Est. Market Share(1) $26.00 Gross Profit Margin ~80%

8,000 1.6% $76 $61

9,000 1.8% $85 $68

10,000 2.0% $95 $76

(1) Based on estimated market size of 500,000 units

(2) Illustrative and based on approximate historical AGS RPD as of LTM 6/30/19

(3) Illustrative and based on historical AGS Gross Profit Margin for leased EGM units as of LTM 6/30/19. Gross Profit Margin for leased units defined as EGM gaming operations

revenue less Cost of gaming operations, divided by EGM gaming operations revenue.

25

TABLE PRODUCTS SEGMENT

26

▪ Capitalize on trend of

introducing multiple

side-bets on

blackjack tables to

increase the game’s

overall hold

▪ Segment will serve as

important growth

engine by introducing

further cross-selling

opportunities with

EGM offerings

▪ Recently acquired In

Bet Gaming assets

strengthen library

▪ Progressive bonusing

on table products is

growing trend with

substantial growth

opportunity

▪ Improves marketing

and drives slot-style

excitement

▪ Revolutionary Bonus

Spin Xtreme links all

table games within a

casino, including

community games

▪ Dex S single deck

poker shuffler

launched in late 2018;

more than 175

installed and growing

with North American

market opportunity of

+7,000 poker tables

▪ Addresses pent-up

demand for

alternative option in

the shuffler market

▪ Showcased Pax S

single-deck specialty

shuffler at G2E for 2020

launch

▪ Adds excitement,

motion, and attraction

to the table pit and

enhances player

experience

▪ New seasonal displays,

customizable content,

and animated

characters incent

operators to upgrade

outdated technology

TABLE PRODUCTS AT A GLANCE

Premium Games &

Side BetsProgressive Technology Card Shufflers Table Signage

27

$2.7$4.1

$7.7

$9.6

($1.7)($0.5)

$0.9

$3.0

2016 2017 2018 LTM 9/30/2019

Revenue AEBITDA

TABLE PRODUCTS SEGMENT

▪ Nearly 40 different products, including progressive systems, premium table games (poker and

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

▪ Focus on high-margin recurring revenue generated by leases

▪ Internal R&D team has right balance of experienced, proven members and "new blood" offering

fresh ideas and perspective on product development and technology used

▪ Focused on cross-selling opportunities and leveraging relationships from slots and vice versa

• 31% of current AGS EGM customers buy table products from AGS

• 62% of current AGS table product customers buy EGMs from AGS

(1) LTM 9/30/2019

(2) LTM 9/30/19 compared to LTM 9/30/2018

SIGNIFICANT UPSIDE IN HIGH-DEMAND SPACE

Table Products Revenue & AEBITDA Table Products Installed Base and ALP

($ in mm)

1,500

2,400

2016 2017 2018 9/30/2019

~65% Side Bets

~30% Progressives

~5% Premium

$194 $167 $218

3,162

ALP:

3,601

$226(1)

Revenue and

AEBITDA both

increased more

than $2.0M YOY(2)

28

▪ Progressives drive growth with multiple platforms• 881(1) placements of Super 4, Royal 9,

Blackjack Match• Bonus Spin, currently 284(1) units placed

• Launching Bonus Spin Xtreme in early 2020▪ Significant upside with a goal of increasing installed

base +1,000 incremental units over 3-4 year period

TABLE PRODUCTS GROWTH - PROGRESSIVES

PROGRESSIVES AND SHUFFLERS – MOST SIGNIFICANT GROWTH DRIVERSMULTIPLE PROGRESSIVES PLATFORMS DRIVE MEANINGFUL GROWTH

Estimated Market Size(2)

AGS Estimated Coverage

Blackjack Tables 13,000 8.0%

Baccarat, Craps, Roulette & Other Tables 5,000 3.2%

Incremental Units ALP

Annual revenue ($ in 000s)

Incremental Market Share(3)

100 $400 - $500 $480 - $600 0.8% - 2.0%

Table Products Progressive Installed Base(1)

Incremental Lease Assumptions

(1) As of 9/30/19(2) Represents North America market

(3) Represents hypothetical North America market share increase of 100 incremental units for Blackjack tables and Baccarat, Craps, Roulette & Other tables, respectively.

62

627

947

1,202

2016 2017 2018 9/30/2019

29

TABLE PRODUCTS GROWTH - SHUFFLERS

PROGRESSIVES AND SHUFFLERS – MOST SIGNIFICANT GROWTH DRIVERS

▪ Currently more than 175(1) Dex S shufflers in the field

▪ Goal to obtain 10% of the poker table market


Poker Tables – Dex S 7,000

Premium Tables – Pax S 5,000

▪ Our new single-deck, hand-forming shuffler, Pax S – to be released in H2 2020

▪ Goal to obtain 10% of the premium table market




100 $350 - $450 $420 - $540 1.4% - 2.0%


(1) As of November 2019(2) Represents North America market

(3) Represents hypothetical North America market share increase of 100 incremental units for Poker tables and Premium tables, respectively

30

TABLE PRODUCTS GROWTH - SIDE BETS, PREMIUM GAMES & SIGNAGE

TABLE GAMES AND SIGNAGE PRESENT ADDITIONAL UPSIDE

▪ Have more than 2,050 side bets units in the field(1)

▪ Driven by our hit titles such as Buster Blackjack, and In

Bet/Between

▪ Scheduled to release 2 games in the upcoming year

▪ Currently have more than 175 premium units in the field(1)

▪ Driven by games like Criss Cross Poker

▪ Scheduled to release 12 games in the upcoming year



Blackjack Tables 13,000 12.7%



Premium Tables 5,000 3.5%




100 $75 - $125 $90 - $150 0.8%





100 $500 - $800 $600 - $960 2.0%


SIDE BETS

PREMIUM GAMES

TABLE EQUIPMENT

▪ Diversified offerings with Table Signage, Pit Signage and new ACOT chip tray

▪ Potential to be a disruptor in this category

(1) As of 9/30/19(2) Represents North America market

(3) Represents hypothetical North America market share increase of 100 incremental units for Blackjack tables and Premium tables, respectively

31

INTERACTIVE SEGMENT

32

INTERACTIVE SEGMENTINDUSTRY-LEADING CONTENT DRIVES B2B & B2C CUSTOMER ENGAGEMENT

▪ Casino-branded, turnkey social casino products

▪ Leveraging land-based relationships and content

▪ Successfully launched our RMG platform in New Jersey with Rush Street

▪ Continued placement of AGS content in the European RMG space

▪ More than 28 suppliers live across the RMG platform with eight new suppliers launched throughout 2019 ($ in mm)

Social White Label Casino (ConnexSys)

Real Money Gaming (AxSys)

Interactive Revenue & AEBITDA

$7.7 $8.0$6.6

$4.9

($4.7)

($0.4)

($2.1)($2.9)

2016 2017 2018 LTM

9/30/2019

Revenue AEBITDA

33

Prospective

Markets

United

Kingdom

New Jersey

INTERACTIVE SEGMENT – RMG OPPORTUNITY

▪ Recently received approval to place slot content with 17 of 20, or 85%(3) of iGaming operators

▪ Currently live on Rush Street

▪ Current iGaming market gross revenue of nearly $300M

▪ U.K. iGaming is one of the largest markets with nearly $2.5B in annual iGaming gross revenue

▪ Currently live on operators such as: GVC, Ladbrokes Coral, William Hill, 888, BetVictor and Rank

Imm

ed

iate

Up

sid

e

▪ Pennsylvania, regulated European markets, Canada and Latin America, all represent future opportunities for growth

Fu

rth

er

Up

sid

e

34

INTERACTIVE SEGMENT – SOCIAL OPPORTUNITYINDUSTRY-LEADING CONTENT DRIVES B2B ENGAGEMENT

▪ AGS is differentiated from competitors by the breadth and depth of solutions offered to casino operators

• Comprehensive integration of the customer’s brand and better live ops that generate superior performance and results

• Operators want customers to have relationship outside of land based environment

• Customers look for slots in the casino that they have been playing on their phones

Currently Live With 5 Operators

35

FINANCIALS

36

AGS’ STRONG FINANCIAL TRACK RECORD OF SUCCESS

$107

$62

$85

$136 $140

51% 51% 50% 48% 47%

2015 2016 2017 2018 LTM 9/30/19

Adj. EBITDA margin

$123$167

$212

$285

2015 2016 2017 2018 LTM 9/30/19

$299

▪ 70% of the $299(1) million total revenue is recurring

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

▪ 47% LTM Total Adjusted EBITDA Margin

▪ Payback period of ~1 – 2 years on capital spent for new leased EGMs

($ in mm)

LTMRevenues by Segment 2015 2016 2017 2018 9/30/2019

EGM $119.6 $156.4 $199.9 $271.0 $284.6

Table Products 1.7 2.7 4.1 7.7 9.6

Interactive 2.0 7.7 8.0 6.6 4.9

LTMAdjusted EBITDA by Segment 2015 2016 2017 2018 9/30/2019 '14-'LTM 9/30/17

EGM $66.3 $91.7 $107.8 $137.4 $140.3

Table Products (1.4) (1.7) (0.5) 0.9 3.0

Interactive (2.5) (4.7) (0.4) (2.1) (2.9)

($ in mm)

(1) Total Revenue for LTM 9/30/19

(2) Gross Profit Margin for leased units = EGM gaming operations revenue less EGM cost of gaming operations, divided by EGM gaming operations revenue for LTM 9/30/19

(3) Gross Profit Margin for sold units = EGM equipment sales revenue less EGM cost of equipment sales, divided by EGM equipment sales revenue for LTM 9/30/19

(4) As reported figures

Strong Revenue Growth with Robust Margins

Total Revenue(4) Total Adjusted EBITDA(4)

37

12/31/2018 9/30/2019 Rate Maturity

Capitalization

Cash $71 $12

$30 million existing revolver – – L+3.50% 06/06/22

First lien term loan 538 533 L+3.50% 02/15/24

Other 1 2

Total first lien debt $539 $535

Total debt $539 $535

Total net debt $468 $523

LTM Adjusted EBITDA $136 $140

Net leverage 3.4x 3.7x

Integrity LTM Adjusted EBITDA – $4

Post-Integrity LTM Adjusted EBITDA(1) $136 $144

Adjusted total net debt leverage ratio 3.4x 3.6x

CAPITAL STRUCTURE OVERVIEW

(1) Represents the trailing twelve month estimated impact of Integrity's Adjusted EBITDA, adjusted for the time period for

which Integrity’s financial measures are included in AGS’s results.

Capitalization

38

FAVORABLE CASH FLOW DYNAMICS INVESTMENTS

▪ Total Adj. EBITDA – one of the

industries leading Adj. EBITDA

margin of 47% (1)

▪ Cash taxes – significant NOLs of

over $100 million and high D&A

results in minimal cash taxes

▪ Maintenance capex – low

refurbishment obligations on

existing installed base

PRODUCE HIGH DISCRETIONARY CASH FLOW AND PERMIT ATTRACTIVE ROI

Favorable Cash Flow Drivers

▪ Growth capex – builds recurring

revenue base by placing

higher yielding leased cabinets

with highly compelling ROIs

▪ Intangibles – primarily

capitalized R&D that facilitates

cutting edge hardware and

content development

Strong cashflow

for high-ROI

investments, growth

and deleveraging

(1) Adjusted EBITDA margin for LTM 9/30/19

39

FREE CASH FLOW SUPPORTS GROWTH WITH ATTRACTIVE ROI

STRONG FREE

CASH FLOW SUPPORTS

GROWTH WITH

ATTRACTIVE ROI

New Placement (Premium)

New Placement (Core) Optimized Unit

Average Cost per Unit $10,000 $10,000 $10,000

Average RPD Increase(1) $50.00 $25.00 $8.00 - $10.00

Annual Revenue ( in 000’s) $18,250 $9,125 ~$3,000

Payback (Years) < 1 < 2 ~ 3

▪ Reinvestment in high ROI growth

▪ New premium lease products allow for opportunity for more attractive returns

(1) Illustrative RPD for premium and core placements and incremental lift from optimized units

Payback Example

40

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

41

APPENDIX

42

Nearly 8,000 units installed

29 titles available

Rakin’ Bacon – 2.02x vs HA(1)

Fu Nan Fu Nu – 1.69x vs HA(1)

(1) Eilers-Fantini Game Performance Report October 2019

43

Nearly 2,500 units installed

Eastern Dragon – 1.17x vs HA(1)

64 titles available

Toro Gordo – 1.15x vs HA(1)

(1) Eilers-Fantini Game Performance Database October 2019 TTM

44

Dual 27” LCD HD monitors

Launched August 2019

40+ titles available

21.5” LCD HD topper

45

55” LCD 4K portrait top monitor

420 game-controlled LED lights

24” LCD HD bottom monitor

Scheduled launch – Q4 2019

Premium offering to drive leases

46

49” curved LCD 4K portrait monitor

420 game-controlled LED lights

Ergonomic button deck

Scheduled launch – Q3 2020

For sale, lease, or participation

47

Large-format LED display for our premium Orion Starwall configuration

Premium offering to drive leases

Scheduled launch – H2 2020

48

FY 2019 OUTLOOK

($ in mm) FY 2018 2019 Guidance 2019 Growth %

Adjusted EBITDA1 $136.2 $145 - $150 6% - 10%

Capex $66.2 $65 - $69 (2%) - 4%

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.

49

iGAMING ECOSYSTEM

50

CONSOLIDATED OPERATIONAL SUMMARY

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

Operational and other data Q1 Q2 Q3 Q4 2017 Q1 Q2 Q3 Q4 2018 Q1 Q2 Q3 LTM 9/30/19

Revenues by segment

EGM $45.0 $47.4 $53.3 $54.2 $199.9 $61.3 $69.3 $71.8 $68.7 $271.0 $69.7 $71.0 $75.3 $284.6

Table products 0.6 0.7 1.1 1.6 4.1 1.7 1.8 2.1 2.1 7.7 2.2 2.4 2.9 9.6

Interactive 2.1 2.0 2.0 1.9 8.0 1.9 1.7 1.7 1.3 6.6 1.2 1.1 1.2 4.9

Total revenue $47.8 $50.1 $56.4 $57.7 $212.0 $64.9 $72.8 $75.5 $72.1 $285.3 $73.0 $74.5 $79.4 $299.0

Adjusted EBITDA by segment

EGM $25.2 $26.5 $29.8 $26.3 $107.8 $34.3 $36.9 $34.0 $32.2 $137.4 $36.7 $35.5 $35.8 $140.3

% margin 56.0% 55.9% 55.8% 48.6% 53.9% 56.0% 53.2% 47.4% 46.9% 50.7% 52.7% 50.1% 47.6% 49.3%

Table products (0.2) (0.3) (0.2) 0.2 (0.5) 0.2 0.1 0.4 0.3 0.9 0.5 0.8 1.4 3.0

Interactive (0.1) (0.1) (0.1) (0.1) (0.4) 0.0 (0.4) (0.9) (0.9) (2.1) (0.9) (0.6) (0.4) (2.9)

Total Adjusted EBITDA $24.9 $26.1 $29.4 $26.4 $106.8 $34.5 $36.6 $33.6 $31.5 $136.2 $36.3 $35.7 $36.8 $140.3

% margin 52.1% 52.1% 52.1% 45.9% 50.4% 53.2% 50.2% 44.5% 43.8% 47.7% 49.6% 48.0% 46.3% 46.9%

EGM segment

Domestic installed base 14,025 14,246 14,544 16,078 16,078 16,553 16,647 16,068 16,296 16,296 18,798 18,421 18,724 18,724

Domestic RPD $25.84 $25.89 $25.44 $25.88 $25.77 $26.72 $27.79 $27.14 $26.41 $27.02 $26.42 $26.16 $25.08 $26.02

International installed base 7,179 7,233 7,471 7,727 7,727 7,480 7,876 8,116 8,351 8,351 8,510 8,596 8,668 8,668

International RPD $8.20 $8.58 $8.33 $8.14 $8.31 $8.27 $8.80 $8.52 $8.07 $8.41 $8.68 $8.22 $7.99 $8.24– – – – – –

Total recurring units 21,204 21,479 22,015 23,805 23,805 24,033 24,523 24,184 24,647 24,647 27,308 27,017 27,392 27,392

Total RPD $19.93 $19.99 $19.65 $19.95 $19.88 $20.94 $21.77 $20.95 $20.20 $20.96 $20.73 $20.49 $19.68 $20.28– –

EGM units sold 452 574 842 697 2,565 838 1,058 1,332 1,159 4,387 1,024 1,181 1,391 4,755

Domestic avg sales price $15,729 $17,065 $15,996 $18,284 $16,754 $17,898 $18,728 $18,051 $18,782 $18,383 $18,657 $18,178 $18,476 $18,523

Table products segment

Table products installed base 1,691 1,754 2,350 2,400 2,400 2,631 2,737 3,065 3,162 3,162 3,285 3,380 3,601 3,601

Avg monthly lease price $128 $125 $167 $226 $167 $220 $213 $214 $224 $218 $217 $230 $232 $226

51

TOTAL ADJUSTED EBITDA RECONCILIATION

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

▪ 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

1

2

3

4

5

6

7

8

234567

1

8

12345678

($ in mm)

Adj. EBITDA reconciliation Q1 Q2 Q3 Q4 2017

Net loss attributable to PlayAGS, Inc. ($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 attributable to PlayAGS, Inc. ($9.5) ($5.3) $4.3 ($10.3) ($20.8)

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


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)



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



New jurisdiction and regulatory licensing costs – – – – –

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


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

52

TOTAL ADJUSTED EBITDA RECONCILIATION

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

▪ 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, Gameiom, Integrity and In Bet, to integrate operations

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

1

2

3

4

5

6

7

8

234567

1

8

12345678

($ in mm) LTM

Adj. EBITDA reconciliation Q4 '17 Q1 '18 Q2 '18 Q3 '18 9/30/2018

Net loss ($8.5) ($9.5) ($5.3) $4.3 ($19.1)

Income tax expense (benefit) (6.5) (12.4) 7.0 (3.5) (15.4)


Other (income) expense 1.9 9.2 0.5 0.4 12.0

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



Loss on extinguishment and modification of debt 0.9 4.6 – – 5.5



New jurisdiction and regulatory licensing costs 0.8 – – – 0.8

Legal & litigation expenses including settlement payments (0.2) – 0.8 (0.0) 0.6


Non-cash stock compensation – 8.2 0.5 0.5 9.1

Adjusted EBITDA $26.4 $34.5 $36.6 $33.6 $131.1

($ in mm) LTM

Adj. EBITDA reconciliation Q4 '18 Q1 '19 Q2 '19 Q3 '19 9/30/2019

Net (loss) income ($10.3) ($0.1) ($7.6) ($5.5) ($23.5)

Income tax (benefit) expense 0.6 (5.8) (0.1) 1.9 (3.3)


Other expense (income) 0.4 5.3 (0.0) (0.1) 5.5

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



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



New jurisdiction and regulatory licensing costs – – – – –

Legal & litigation expenses including settlement payments 0.2 – 0.0 1.7 2.0


Non-cash stock compensation 1.8 1.2 2.2 2.0 7.1

Adjusted EBITDA $31.5 $36.3 $35.7 $36.8 $140.4

53

FREE CASH FLOW RECONCILIATION

($ in 000’s) Q4 '18 Q1 '19 Q2 '19 Q3 '19 LTM 9/30/19

Free Cash Flow Reconciliation

Net cash provided by operating activities 32,192$ 11,655$ 26,020$ 24,806$ 94,673$

Purchase of intangible assets (188) (1,231) (2,719) (976) (5,114)

Software development and other expenditures (1,666) (2,669) (3,630) (3,658) (11,623)

Purchases of property and equipment (20,145) (15,105) (8,714) (14,941) (58,905) Free Cash Flow 10,193$ (7,350)$ 10,957$ 5,231$ 19,031$

▪ Purchase of intangible assets include cash paid for placement fee arrangements securing floor space on long-term contracts

▪ Software development and other expenditures is driven primarily by capitalized R&D costs related to new product development

▪ Purchases of property plant and equipment includes growth capex relating to new EGM lease placements, optimization of the EGM installed base, maintenance capex as well as capitalized corporate expenses.

54

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 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.

▪ 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.

▪ 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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