1. Q1 Q2 Q3 Q4
SHUFFLE MASTER, INC.
2011 gaming investment forum
www.shufflemaster.com / NASDAQ: SHFL

2. WHO WE ARE 4
GROWTH AHEAD 10
overview FINANCIALS 17
WHY INVEST IN US 21

3. 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

4. WHO WE ARE 4
GROWTH AHEAD 10
FINANCIALS 17
WHY INVEST IN US 21

5. executive team
gavin isaacs, linster fox, david lopez, roger snow, katie lever, lou castle,
CEO EVP & CFO EVP & COO EVP EVP & GC CSO
♦ 12 years in ♦ 30 years ♦ 13 years at ♦ 11 years at ♦ 10 years in ♦ co-founder:
gaming experience SHFL; 5 in SHFL; 5 in gaming Westwood
industry ♦ former CFO of senior senior industry Studios
♦ most CHRK and management management ♦ most ♦ most
recently ANCPA roles including roles including recently recently
served as sales and product served as GC served as VP
COO of BYI product development at GCA of Studios at
management Zynga
5

6. what we do
slot
machines
e-Tables
specialty
games
shufflers
i-Gaming
diverse suite of products to outfit the casino floor 6

7. four unique profit centers
FY 2010
Deck Mate® i-Shoe Auto™ Easy Chipper® i-Deal®
utility products revenue - $77.4 million
“utility” gross margin -60.8%
(shufflers, chippers, shoes) gross profit -$47.0 million
Progressives Side Bets
Proprietary Titles
proprietary table revenue - $40.4 million
games “PTG” gross margin -80.0%
(live felt games, gross profit - $32.4 million
progressives, side bets)
i-Table™ Rapid Table Master® Vegas Star®
electronic table revenue - $42.4 million
systems “ETS” gross margin -50.9%
(fully electronic and hybrid e- gross profit - $21.6 million
Tables)
electronic gaming revenue - $41.1 million
machines “EGM” gross margin -56.0%
(slot machines) gross profit - $23.0 million
FY 2010 annual revenue - $201.3 million
totals: gross margin – 61.6%
gross profit - $124.0 million
7

8. geographic distribution of revenue
canada
fy „09: 5%
fy „10: 4% europe
fy „09: 4%
fy ‟10: 4%
asia
fy „09: 6%
fy „10: 9%
united states
fy „09: 50%
fy ‟10: 50%
australia/nz
fy „09: 32%
other fy ‟10: 30%
americas
fy „09: 3%
fy ‟10: 3%
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9. what sets us apart
♦ worldwide leader in shufflers & table games
♦ depth and breadth of IP portfolio
o 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

10. WHO WE ARE 4
GROWTH AHEAD 10
FINANCIALS 17
WHY INVEST IN US 21

11. 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

12. 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

13. 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

14. 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

15. slot machines
growth drivers
♦ 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
15

16. i-gaming
online opportunities
♦ capitalize on our IP in the online space
♦ multi-pronged approached to internet:
o license existing content to regulated online markets Cantor Gaming’s mobile eDeck
with Ultimate Texas Hold’em
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
16

17. WHO WE ARE 4
GROWTH AHEAD 10
FINANCIALS 17
WHY INVEST IN US 21

18. third quarter 2011 financials
Q3 2011 Q3 2010 y-o-y
actual actual 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%
18

19. total revenue
$201.3
$190.0
$178.9 $179.4
(in millions)
$163.0 21%
21%
$112.9
$84.8 20%
$58.4
38%
slot machines e-Tables proprietary table games utility products
19

20. gross margin
75%
70%
65%
lease & sales 60%
55%
50%
45%
40%
35%
30%
25%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
2009 2010 2011
all products lease sales
85%
by product segment
75%
65%
55%
45%
35%
25%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
2009 2010 2011
all products utility table games e-Tables slot machines
20

21. WHO WE ARE 4
GROWTH AHEAD 10
FINANCIALS 17
WHY INVEST IN US 21

22. growing recurring revenue
$27
$26.6
$26.1
$25.4
$25 $24.7
$24.0
(in millions)
$23.4
$23
$22.4 eleven
$22.1 consecutive
$21.0 quarters of
recurring
$20.3 $20.5
$21 $20.3 revenue
$19.2
$20.2 growth
$18.8
$19
$17
22

23. long-term earnings potential
:: growth :: :: margin :: cash flow ::
improvement ::
• upgrade opportunity for • invest in lease
both shufflers and slot • grow lease base business: capex
machines
• new market openings • supply chain • invest in R&D
• new content for table improvements
games, e-Tables and slot
• debt pay-down
machines • content licensing
• new product innovation
• international • evaluate buybacks
• expense management
opportunities
• internet gaming and • accretive M&A
online opportunities
• execution & delivery
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
23

24. shuffle master “delivers more” at G2E – booth #1241
equinox cabinet
i-Table Roulette
i-Table with new side bets
shuffle interactive
md3
vegas star roulette live
new premium specialty titles & progressives
questions & answers 24