There are quite a few mistakes here. 1) These markets aren't "black market"...they are unregulated. Operating in unregulated markets is fairly normal, investor

There are quite a few mistakes here. 1) These markets aren't "black market"...they are unregulated. Operating in unregulated markets is fairly normal, investors don't like it because it is risky but there are other operators doing this (Entain is one). 2) It is also fairly normal to white label your product in Asia. Betfair does this, almost everyone does this because the Asian market is the largest in the world. Again, totally unregulated but it is not particularly shady (there are larger gambling companies than DraftKings in Asia owned by individuals). 3) The FBI has repeatedly accused people in this business of being linked to the Triads. So far, this has been unproved but, whether this is true or not, these businesses are legitimate and are some of the largest gambling companies in the world. I don't doubt that the merger pre-listing is suspicious, this is why SPACs aren't a very good idea. I don't doubt that DK is an overpriced PoS (their marketing RoI is terrible). But, as ever, much of what people just coming to the industry write is nonsense (and usually related to whether they grew up somewhere where gambling was illegal...the ironic thing about the weird moralism about gambling in the US is that the unregulated companies are usually far more ethical than firms operating in the US).