High Roller Technologies Small-Cap Virtual Conference

Thank you, Aashi, and thank you to Sidoti for including us in this wonderful event. Good afternoon, good morning, everybody, depending on where you are. My name's Seth Young. I'm the CEO at High Roller Technologies. I'm going to bring you through a little bit of our history and tell you where we're going as a business, where we are now. We're traded on the NYSE under the ticker ROLR, as Aashi mentioned, and the upshot is we're launching a prediction market in the U.S. This is a federally regulated financial product, not a gambling product, which is where we claim our roots. With that said, we've got the forward-looking statements. You guys can read this in your own time. Background. The business started in 2021 as an online casino business. Today, we operate two brands in that market. One is High Roller, our namesake, and Fruta.

We have a very strong leadership team that is very different than it was in the years past. This leadership team represents a different kind of sophistication and stability than High Roller had at IPO and into early 2025. Today, we're focused on the prediction market space in the U.S., which we'll talk a little bit more about, in a partnership with Crypto.com. We hold a license from the National Futures Association as a guaranteed introducing broker to enter this market and activities outside of the United States. We hold an Estonia gaming license, and we have a license pending in Ontario for entering into that regulated market at a certain point as we see fit.

Off the back of raising $25 million back in January on RDO at $13.21, today we have $18 million at the end of Q2, and we're in a very strong cash position as we trend towards launching the prediction market business shortly. Pardon me. As far as timeline goes, our history, it's important to understand where we came from to see where we're going. In 2021, the business was started as an online casino business only, let's say in 2,000 jurisdictions globally. The regulatory landscape surrounding gambling, online gambling, was very different than it is today in 2026. I joined in April of 2025 last year, and in taking a look at the business, we commenced and messaged a strategic shift.

As many countries around the world began implementing their own regulatory schemas, it either became untenable or uneconomical to operate in certain jurisdictions, whether it was product constraints or regulatory headwinds. We began shuttering markets after IPO-ing in October 2024, where the business raised $10 million at $7.50. Throughout 2025, we closed the vast majority of our markets, leaving only four active today. If anybody's done some work on our business, you'll see that we've had a declining casino revenue base as we trend towards launching the prediction market business. We have soft launched the prediction market business as of September 15th. It's in a controlled beta, and we are trending towards that hard launch in October, where we'll begin generating revenue again.

In October of last year, we filed an S-3 for $150 million, which is what powered our capital raise in January after we ballooned to over a $300 million market cap on the back of this news and some of the marketing agreements that we consummated to support our prediction market entry. In April 2026, we finalized those agreements. We received our GIB license, the Introducing Broker license from the NFA in May of the same year. In July 2026, we made an agreement with mrkts.com that sees us effectively having ownership of the technology and the front end of our platform, which is a big shift from where we have been years prior. Typically, we've rented our technology, meaning we've paid a revenue share to groups that have supplied it to us.

At this stage, we control our destiny as it relates to product and long-term economics are stronger. As I mentioned, we just, on September 15th, soft launched the product. It's in a closed beta. Everything's going well, and we're tracking towards our public launch in a matter of weeks now. We're addressing two markets today, although our focus is definitely on the market on the rights moving forward. Historically, we've addressed an online gambling market worth over $200 billion annually, globally. The markets that we're addressing are only a fraction of that TAM. But we're focused now on the massive emerging opportunity in the prediction market space. These are third-party estimates here, and third-party projections rather, on the annual trading volume and the TAM, which we're comfortable with.

That signals from Macquarie $1.5 trillion in annual contract trading volume and forming a $50 billion TAM in the U.S. alone based on a 3.25% operator commission rate or hold rate. Now, this is very different for us in some ways, and very much the same for us in other ways entering this market. We're built for this, so the transition from a people perspective has been quite straightforward. Many of the processes and procedures, if not all of them, and some of the same vendors are the same as we have for our B2C operations for online casino, and the methodologies to operate are largely the same as well. It's a very seamless transition, and now we're entering a new market on the ground floor.

But very different for us in the sense that this is a financial product, not a gambling product, and has some differences in regulatory nuance. It is a very exciting time for us. As I mentioned, $1.5 trillion in annual contract trading volume projected by 2030. The way that prediction market businesses earn revenue is through a marketplace model. Very different than taking a bet for sports or taking bets from a player on a slot machine where it is an against the house activity and we bank it. Very simply, when a trader opens or closes a trade, we make a commission. We have no stake in the outcome of the trade. We are simply providing the service. That is definitely a business model pivot. As you will see here, this is an important nuance in the market.

The breadth of markets and prediction markets is vast, which makes the opportunity so exciting and also explains why there are so many different kinds of companies that are focused on the space. At maturity, it is estimated that only 44% of all contracts will be related to sports, whereas the majority of contracts, whether it is fintech, crypto, AI, culture, entertainment, sport, non-sports, et cetera, represents 56%, the majority of the contract trading volume. As we look at the market with eyes wide open, we understand what is happening from a regulatory perspective, what is controversial and what is not, and where we sit in this competitive landscape. We are definitely focused on areas where we can be leaders, and we believe that we may be able to lead in certain areas, particularly as it relates to product.

This market today kind of reminds me of 2018 in sports betting, where all the products were kind of subpar. We take a look at this and think since we are pretty strong on the product side, that in time we will have one of the better, if not the best products out there. Very excited to move that along. On the bottom right, you will see a couple of comps for us. We are, as far as I am aware, the only pure-play public markets business that you may find exposure in for prediction markets. What this means is that if you believe we will have any modicum of success in this market, theoretically our stock should go up as we have no other material business units that would offset that growth.

You will see that Kalshi, in their most recent public funding round, raised at a $22 billion valuation, Polymarket at 21. We are trading between $60 million and $70 million in terms of our market cap today. Just to demonstrate some of the upside, let us assume that we obtain a fair share of the market. Today there are over 50 competitors in the space, all of different sizes and different kinds. If we just use an easy 50 competitor number, and we are able to obtain 2% of this market, by 2030 that is a $1 billion top-line business where analysts suggest this should run between a 20% to 45% EBITDA margin. You can do the math on where the alpha may be for us, and that is one of the reasons we are so excited, particularly because nobody plays for second place in the market.

But if that's a backstop, I'd say that's a pretty good backstop relative to where we are today. What makes us different and why are we positioned to win? We're working with Crypto.com to accelerate our entry into market. Once we launch, our consumers, our traders will have access to the wider Crypto.com network and have existing trading liquidity so contracts can be filled seamlessly. Today, Crypto.com holds the CFTC-related licenses for this operation, that being the FCM, which is the treasury, controlling the treasury. DCM, which is the market-making capabilities and all the things that come with that, and the DCO license, which is effectively the clearance mechanisms, the settlement mechanics. There's nothing in our agreement which precludes us from pursuing these licenses to the extent we'd like to.

And it may be fair to suggest that any company taking this business seriously would like to pursue those licenses at the right time. One of the things that really drew me to this business on the second panel is that the company has a proven customer acquisition engine. For all of the things that we have to work through on a day-to-day basis, this has been a quite unique structure for me. One of the things that I'm not concerned about at all is our ability to acquire customers efficiently. There's a group called Spike Up Media, which is our largest shareholder as a group. Because of this close alignment with them and their capabilities, they are one of the, I'd say, top three customer acquisition and lead generation firms over the last 15, 16 years in the gaming/gambling space and other affiliate verticals.