FanDuel CEO - "There's a massive black market that still exists. Hard to quantify exactly but probably to the tune of trillions of dollars. As that black market persists, the states aren't getting the economic benefit of that. Consumers aren't being protected."

Probably about as accurate as one can be on the size of the market, broad estimates are about all we can get but almost certainly it's into the trillions. Having some more confirmation on this massive size is always nice, even if it is just a little.

States and federal govs do technically earn some off of it through various means. It's just not the unsustainable price-gouging rates that they were promised by the few largest players in return for carefully crafting legislation that was meant to be favorable to them while still being unfavorable for any kind of new competition. In states like NY they're already going back on their word and finally admitting it isn't profitable enough for even the largest-scale entities, let alone any smaller operators or startups.

They know their users have already been squeezed too hard and won't bear any more. Which makes it a bit funny that they bring up users, especially when they're now referring to them as 'consumers' since they only want to serve the losing bettors.

Their marketing is promising these users a dream that they can never truly achieve, basically the definition of a scam. While on the other hand their legal and C-level are placating the authorities that they're merely 'providing entertainment to consumers'.

The mafia-style mention of protection is the cherry on top.