Exhibit (c)(4)

P R E L I M I N A R Y B E N C H M A R K I N G A N A LY S I S C O N F I D E N T I A L J U L Y 2 0 2 3 Project Sapphire

Sapphire Key Financials (2023E) Revenue $730 / $754 Revenue $321 Revenue $286 Revenue $318 Revenue $2,610 Adj. EBITDA $204 / $220 Adj. EBITDA $103 Adj. EBITDA $93 Adj. EBITDA $56 Adj. EBITDA $823 % Margin 28.0% / 29.2% % Margin 31.9% % Margin 32.5% % Margin 17.6% % Margin 31.5% Business Overview • Developer and publisher of primarily mobile social casino games as well as casual games • Has outpaced broader social casino market on growth based on performance from key titles • “Controlled company” • Korea-based developer and publisher of social casino and casual games ‒ Flagship game (DoubleDown Casino) accounts for over 95% of revenue • Consistent revenue decline over last several quarters, with first quarter of sequential growth in Q1 2023 • Developer and publisher of social casino games on primarily mobile applications ‒ Core franchises of Huuuge Casino and Billionaire Casino generate 90% of revenue • High player monetization but lack of growth • Developer and publisher of social casino and casual games for mobile platforms • Acquired Brainium in October 2022 to expand casual games portfolio • “Controlled company” with ~70% of stock owned by founder group • Went public through SPAC merger in June 2021 • Developer and publisher of casual and social casino games for mobile platforms • Most diversified portfolio among social casino peers with more than 50% in casual games Revenue by Type1 Revenue by Geography Side-by-Side: Sapphire vs. Social Casino Peers ($ in millions) P R O J E C T S A P P H I R E C O N F I D E N T I A L Source: Public information, FactSet, Wall Street Research, Sapphire management Note: Market data as of July 10, 2023; financials converted to USD at current spot rate. Revenue breakdowns represent latest fiscal year. 1. Sapphire casual revenue represents advertising revenue. Huuuge casual revenue represents Traffic Puzzle revenue. Playstudios casual revenue represents advertising and other revenue. 2. Financials represent consensus / management projections. Financial projections for peers based on consensus estimates North America 92% International 8% Social Casino 97% Casual 3% United States Germany 59% 7% Canada 3% Other 31% Social Casino 92% Casual 8% North America 92% Other 8% Social Casino Casual 90% 10% United States 70% EMEA 15% APAC 8% Other 7% Social Casino 46% Casual 54% United States 88% International 12% Social Casino ~100% 2 2 2 1

Company HQ Exchange Traded Mobile Revenue % Description Sydney, AU Australian Securities Exchange 46%1 • Engages in the design, development and distribution of gaming content, platforms and systems, including electronic gaming machines, casino management systems and free-to-play mobile games Redwood City, CA NASDAQ 17% • Develops PC, console and mobile games across various genres such as sports, FPS, action, role-playing and simulation Cobalt Las Vegas, NV NASDAQ 27%2 • Creates content and products for land-based casino gaming, digital gaming (iGaming) and mobile gaming Stockholm, SE NASDAQ Stockholm 73% • Owns and operates gaming studios with popular global IPs across a wide range of casual and mid-core genres San Mateo, CA NYSE 50% • Operates a free-to-play online gaming platform and game creation system Stockholm, SE NASDAQ Stockholm 76% • Owns and operates 23 studios that develop and publish games across various genres such as strategy, casual & mashup, simulation, RPG and action New York, NY NASDAQ 47% • Develops and publishes PC, console and mobile games through Rockstar Games, 2K, Private Division and Zynga Saint-Mandé, FR Euronext Paris 31% • Established video game developer and publisher that primarily focuses on AAA PC, console and mobile titles P R O J E C T S A P P H I R E C O N F I D E N T I A L Overview of Broader Interactive Entertainment Players Source: Public information, FactSet Note: Mobile revenue breakdowns represent latest fiscal year. 1. Represents Pixel United revenue as a % of total Aristocrat revenue. 2. Represents Sapphire revenue as a % of total Cobalt revenue. 2

Revenue CAGR 2022A – 2024E Adj. EBITDA CAGR 2022A – 2024E Average Adj. EBITDA Margin 2022A – 2024E4 (7.1%) 6.4% 11.5% 4.5% 3.3% 1.4% Median: 2.3% Sapphire (Consensus) Sapphire (Management) Playstudios DoubleDown Playtika Huuuge Sapphire Benchmarking: Growth & Profitability P R O J E C T S A P P H I R E C O N F I D E N T I A L Source: Public information, FactSet, Sapphire management Note: Market data as of July 10, 2023. Adj. EBITDA CAGRs are pre-SBC. 1. Financials pro forma for acquisition of Brainium (closed October 2022); not pro forma for acquisition of WonderBlocks (closed August 2022). Revenue CAGR of 7.4% based on revenue as realized; EBITDA CAGR of 27.4% based on EBITDA as realized. 2. Financials as realized; not pro forma for acquisition of Alictus (closed March 2022). 3. Financials as realized; not pro forma for acquisition of SuprNation (expected to close in Q2 2023). DoubleDown does not have SBC expense. 4. Projections for consensus SBC expense extrapolated using 2022A SBC as a % of revenue. Sapphire management SBC projections as per company management. Financial projections for peers based on consensus estimates 1 2 3 (0.7%) 8.5% 13.8% 20.4% 3.9% 0.4% Median: 2.1% Sapphire (Consensus) Sapphire (Management) Playstudios Playtika DoubleDown Huuuge 1 3 26.5% 26.5% 26.8% 28.3% 11.4% 28.3% 28.7% 31.5% 31.2% 29.3% 17.2% Median (Pre-SBC): 30.2% Median (Post-SBC): 27.6% Sapphire (Consensus) Sapphire (Management) Playtika DoubleDown Huuuge Playstudios Margin Pre-SBC Expense Margin Post-SBC Expense 3 1 2 2 2 2 2 3

Social Casino Peers FY2022A Average Daily Active Users (in millions) FY2022A ARPDAU1 FY2022A Payer Conversion Rate 9.6% 6.3% 5.3% 3.3% 1.5% Median: 4.3% Sapphire Huuuge DoubleDown Playtika Playstudios $0.78 $1.43 $0.97 $0.76 $0.41 Median: $0.87 Sapphire Huuuge DoubleDown Playtika Playstudios Sapphire Benchmarking vs. Peers: Selected KPIs P R O J E C T S A P P H I R E C O N F I D E N T I A L Source: Public information 1. Average Revenue Per Daily Active User. 2.3 9.4 1.9 1.0 0.6 Median: 1.5 million Sapphire Playtika Playstudios DoubleDown Huuuge KPIs measured as of latest fiscal year 4

P R O J E C T S A P P H I R E Sapphire: Direct-to-Consumer Benchmarking C O N F I D E N T I A L Sapphire Assumed DTC Adoption Playtika DTC Sales as % of Total Sales Huuuge DTC Sales as % of Total Sales (Core Franchises) Stillfront DTC Sales as % of Total Active Portfolio and by Genre2 - 1.5% 2.2% 5.8% 5.8% 0% 5% 10% 2023E 2024E 2025E 2026E 2027E 4.0% 7.3% 10.3% 13.6% 20.5% 23.2% 0% 15% 30% 2017A 2018A 2019A 2020A 2021A 2022A 0% 4% 8% Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Sapphire DTC assumptions per management estimates; social casino peers and other interactive entertainment players DTC adoption based on public information Source: Public information, Sapphire management 1. Estimate per discussion with management. 2. Data from Stillfront Q1 2023 Investor Presentation. Stillfront did not disclose direct-to-consumer revenue prior to Q1 2023. 1 24.0% 25.0% 42.0% 12.0% 0% 25% 50% Total Active Portfolio Strategy Sim / RPG / Action Mashup / Casual 5

P R O J E C T S A P P H I R E For Reference: Forecasted Market Growth Rates C O N F I D E N T I A L 4.5% 5.3% 4.9% 6.2% 0% 2% 4% 6% 8% 10% '22 - '25 Casual Gaming '22 - '25 Mobile Gaming '22 - '27 Mobile Gaming '23 - '27 Social Casino Source: Eilers & Krejcik, IDG, Research & Markets Overall Market Growth Growth by Monetization Strategy Eilers & Krejcik IDG Research & Markets 5.8% 4.1% 8.7% 0% 2% 4% 6% 8% 10% '22 - '25 In-App Advertising '22 - '25 In-App Purchases '22 - '25 Mobile Advertising Eilers & Krejcik IDG 6

Enterprise Value / CAGR Stock Price % of 52 Equity Enterprise Revenue EBITDA EBITDA Margin (’23E – ’25E) Company 7/10/23 Wk. High Value Value 2023E 2024E 2023E 2024E 2023E 2024E Revenue EBITDA Social Casino Peers DoubleDown Interactive $9.16 85% $454 $187 0.6x 0.5x 1.8x 1.8x 32% 30% 4% 5% Huuuge Z26.20 88% 521 296 1.0x 1.1x 3.2x 3.6x 33% 29% (4%) (7%) Playstudios $4.78 97% 720 593 1.9x 1.8x 10.6x 9.1x 18% 19% 6% 12% Playtika $12.50 96% 4,767 6,367 2.4x 2.4x 7.7x 7.3x 32% 32% 3% 8% Average 1.5x 1.4x 5.8x 5.5x 28% 28% 2% 4% Median 1.4x 1.4x 5.5x 5.5x 32% 30% 4% 7% For Reference Only: Other Interactive Entertainment Players Aristocrat A$36.49 92% $15,913 $15,750 3.8x 3.7x 11.3x 10.6x 34% 35% 6% 8% Electronic Arts $130.54 97% 35,653 35,109 4.7x 4.4x 14.1x 13.1x 33% 33% 6% 9% Cobalt $64.86 94% 6,040 9,135 3.3x 3.1x 9.0x 8.0x 37% 39% 8% 14% Modern Times Group KR68.35 65% 754 431 0.8x 0.8x 3.6x 3.4x 23% 23% 5% 7% Roblox $41.63 81% 25,423 24,717 7.2x 6.4x NM 48.7x 10% 13% 10% 32% Stillfront KR18.00 61% 844 1,198 1.8x 1.7x 4.8x 4.5x 37% 37% 6% 5% Take-Two Interactive $143.94 97% 24,374 26,539 4.9x 3.6x 34.9x 16.0x 14% 22% 23% 64% Ubisoft Entertainment €24.88 53% 3,415 4,485 2.0x 1.8x 4.4x 3.7x 46% 50% 8% 15% Average 3.6x 3.2x 11.7x 13.5x 29% 32% 9% 19% Median 3.6x 3.3x 9.0x 9.3x 34% 34% 7% 11% Sapphire (Current) $19.61 99% $2,486 $2,129 2.9x 2.8x 10.4x 9.7x 28% 29% 3% 8% Sapphire (Unaffected)1 $15.56 81% 1,973 1,615 2.2x 2.1x 7.9x 7.3x 28% 29% 3% 8% Sapphire: Public Trading Comparables ($ in millions, except per share data) P R O J E C T S A P P H I R E C O N F I D E N T I A L Source: Public information, FactSet Note: Market data as of July 10, 2023; financials converted to USD at current spot rate. Multiples greater than 50x or negative are designated as “NM”. Balance sheets and consensus estimates as reported; not pro forma for any acquisitions or divestitures. EBITDA based on unadjusted consensus estimates. 1. Share price represents closing price as of unaffected date of May 17, 2023 (last trading day prior to proposal by Cobalt); balance sheet and consensus estimates as of current date. Financial projections calendarized and based on consensus estimates 7