www.shufflemaster.com / NASDAQ: SHFL

2011 gaming investment forum

SHUFFLE MASTER, INC.

Q1 Q3 Q4Q2

WHO WE ARE 4

GROWTH AHEAD 10

FINANCIALS 17

WHY INVEST IN US 21

overview

forward-looking statement

During this presentation and the Q&A session, various remarks we

make about future expectations, plans and prospects for the

company constitute forward-looking statements for purposes of the

safe harbor provisions under the Private Securities Litigation Reform

Act of 1995. Forward-looking statements reflect and are subject to

inherent known and unknown risks and uncertainties that could

cause actual results to differ materially from those expressed or

implied. Risk factors that could cause actual results to differ

materially from expectations are included in our recent SEC filings.

We will also be discussing certain financial measures such as

adjusted EBITDA, which represents a non-GAAP financial measure.

This presentation includes reclassifications for discontinued

operations and segment realignment.

3

WHO WE ARE 4

GROWTH AHEAD 10

FINANCIALS 17

WHY INVEST IN US 21

executive team

gavinisaacs, CEO

linster fox, EVP & CFO

david lopez,EVP & COO

roger snow,EVP

katie lever,EVP & GC

lou castle,CSO

♦ 12 years in gaming industry

♦ mostrecently served as COO of BYI

♦ 30 years experience

♦ former CFO of CHRK and ANCPA

♦ 13 years at SHFL; 5 in seniormanagement roles including sales and product management

♦ 11 years at SHFL; 5 in senior management roles including product development

♦ 10 years in gaming industry

♦ most recently served as GC at GCA

♦ co-founder: Westwood Studios

♦ most recently served as VP of Studios at Zynga

5

6diverse suite of products to outfit the casino floor

i-Gaming

shufflers

specialty games

slot machines

e-Tables

what we do

four unique profit centers

Vegas Star®

electronic gaming

machines “EGM”(slot machines)

utility products

“utility”(shufflers, chippers, shoes)

Deck Mate® i-Shoe Auto™ Easy Chipper® i-Deal®

electronic table

systems “ETS”(fully electronic and hybrid e-

Tables)

i-Table™ Rapid Table Master®

proprietary table

games “PTG”(live felt games,

progressives, side bets)

Progressives Side Bets

revenue - $41.1 milliongross margin -56.0%

gross profit - $23.0 million

revenue - $77.4 milliongross margin -60.8%

gross profit -$47.0 million

revenue - $42.4 milliongross margin -50.9%

gross profit - $21.6 million

revenue - $40.4 milliongross margin -80.0%

gross profit - $32.4 million

Proprietary Titles

FY 2010 annual revenue - $201.3 milliontotals: gross margin – 61.6%

gross profit - $124.0 million

7

FY 2010

geographic distribution of revenue

canada

fy „09: 5%

fy „10: 4%

united states

fy „09: 50%

fy ‟10: 50%

europe

fy „09: 4%

fy ‟10: 4%

australia/nz

fy „09: 32%

fy ‟10: 30%other

americas

fy „09: 3%

fy ‟10: 3%

asia

fy „09: 6%

fy „10: 9%

8

what sets us apart

♦ worldwide leader in shufflers & table games

♦ depth and breadth of IP portfolioo approximately 2,400 registered patents, trademarks &

copyrights

♦ leading provider of e-Tables

♦ 50% of revenue is recurring♦ 50% of revenue is international

♦ products to suit the needs of every market

♦ not reliant on the North American slot replacement cycle for growth

♦ significant FCF

9

WHO WE ARE 4

GROWTH AHEAD 10

FINANCIALS 17

WHY INVEST IN US 21

strategic focus

♦ sustainable growth

o focus on leasing

o increased investment in R&D

o exploit online opportunities

o global opportunities: Latin America and Asia

o protect & preserve critical IP

♦ improved execution

o margin improvement across all segments

o focus on building internal efficiencies

o strengthen e-Table business

♦ strong balance sheet management

o continued deleveraging

o evaluate buybacks

o well-positioned for M&A

11

utility products

growth drivers

♦ upgrade opportunities:

o MD3 replacement opportunity of 7k sold MD1s and MD2s

o long-term upgrade opportunities include next-generation Deck Mate and one2six shufflers; approximately 11.6k sold

♦ new openings:

o Macau openings in 2012: LVS sites 5 & 6

o new openings in US in 2012: OH and NJ

o Philippines openings in 2013

♦ other:

o new marketing focus and increased sales coverage

o new proprietary table games and i-Table placements fuel shuffler growth

o opportunities in Asia

o growing appeal of table games

o 19k tables that are currently hand-shuffled; opportunity for shufflers

12

proprietary table games

growth drivers

♦ progressive upgrades:

o installed base of 6,340 proprietary tables; nearly 800 have progressive feature (13% upgraded)

♦ new content and new features:

o Blackjack Switch, MS Stud and Ultimate Texas Hold’em

o newly introduced cross-property progressive (o-wap)

o newly introduced wireless connectivity for progressives

♦ other:

o proprietary table game business has a multiplier effect: opportunity for royalty, progressive and shuffler revenue

o gaining popularity in international markets

o leverage content to e-Tables and i-gaming

13

e-Tables

growth drivers

♦ strengthen the e-Table business

♦ new leadership – global product manager

♦ improve current offerings

o redesigns, upgrades, and innovative enhancements (ex: i-Table, Rapid Select)

♦ leverage IP

o strong brands, proprietary content and progressives

♦ new product

o innovative roulette concepts: i-Table Roulette and Vegas Star Roulette Live

o over 2,500 live roulette tables in N. America – targets for i-Table Roulette

♦ focused rollout of i-Table

o hot new “hybrid” e-Table

o recently announced back-of-house connectivity to IGT’s player tracking system and others pending

14

slot machines

♦ new cabinet:

o Equinox™ cabinet launched July 2010

o record quarters in Q4 2010, and Q1, Q2 and Q3 2011 due to Equinox

o margin improvement: stronger pricing and better-designed cabinet

♦ new game titles:

o over 15% ship share in Australia; #1 in Queensland

o hot new game titles in $0.50 and penny denoms

♦ replacements:

o opportunity in Victoria in 2012

♦ new markets:

o opportunities in Asia and Latin America

o sustainable, long-term business

growth drivers

15

i-gamingonline opportunities

16

♦ capitalize on our IP in the online space

♦ multi-pronged approached to internet:

o license existing content to regulated online markets

o build and capitalize on brands

o pursue legalized internet gaming opportunities

o new development for online games – Shuffle Interactive

• play-for-fun games and apps across PC and mobile platforms

• creates foundation for i-gaming when legalized in the US

• first game – Ultimate Texas Hold’em

• social media presence: player engagement and brand awareness

• over 1,600 “likes” on our Facebook pages

• over 960 followers on our Twitter accounts

Twitter account for IR

news and updates

Cantor Gaming’s mobile eDeckwith Ultimate Texas Hold’em

WHO WE ARE 4

GROWTH AHEAD 10

FINANCIALS 17

WHY INVEST IN US 21

third quarter 2011 financials

18

Q3 2011

actual

Q3 2010

actual

y-o-y

increase

(in millions, except per share and % amounts)

total revenue $58.3 $51.5 13%

recurring revenue $26.6 $24.0 11%

gross margin 62.1% 61.4% 70 bps

capex $5.2 $5.5 -5%

adjusted ebitda $19.5 $15.5 26%

earnings per share $0.17 $0.11 55%

net debt $38.6 $63.9 -40%

total revenue

slot machines e-Tables proprietary table games utility products

(in

mill

ion

s)

21%

21%

20%

38%

$112.9

$178.9

$163.0

$190.0$179.4

$58.4

$84.8

$201.3

19

gross margin

lea

se &

sa

les

by p

rod

uc

t se

gm

en

t

25%

35%

45%

55%

65%

75%

85%

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

all products utility table games e-Tables slot machines

2009 2010 2011

25%

30%

35%

40%

45%

50%

55%

60%

65%

70%

75%

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

all products lease sales2009 2010 2011

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WHO WE ARE 4

GROWTH AHEAD 10

FINANCIALS 17

WHY INVEST IN US 21

growing recurring revenue

$18.8

$19.2

$20.3

$20.2

$20.3 $20.5

$21.0

$22.1

$22.4

$23.4

$24.0

$24.7

$25.4

$26.1

$26.6

$17

$19

$21

$23

$25

$27

(in

mil

lio

ns

)

elevenconsecutive

quarters of

recurring

revenue

growth

22

long-term earnings potential

:: growth ::

• upgrade opportunity for both shufflers and slot machines

• new market openings• new content for table

games, e-Tables and slot machines

• new product innovation• international

opportunities• internet gaming and

online opportunities• execution & delivery

:: cash flow ::

• invest in lease business: capex

• invest in R&D

• debt pay-down

• evaluate buybacks

• accretive M&A

:: margin

improvement ::

• grow lease base

• supply chain improvements

• content licensing

• expense management

23

key investment considerations

:: market leader :: diversified product portfolio :: high-margin business :: growing recurring revenue :: executive level strength & stability :: high barriers to entry

:: positioned for global gaming growth

questions & answers24

i-Table Roulette

equinox cabinet

i-Table with new side bets

vegas star roulette live

shuffle interactive

new premium specialty titles & progressives

md3

shuffle master “delivers more” at G2E – booth #1241