This paper performs the crucial work of establishing a baseline for gaze-driven authentication performance to begin answering fundamental research questions using a very large dataset of gaze recordings from 9202 people with a level of eye tracking (ET) signal quality equivalent to modern consumer-facing virtual reality (VR) platforms. The size of the employed dataset is at least an order-of-magnitude larger than any other dataset from previous related work. Binocular estimates of the optical and visual axes of the eyes and a minimum duration for enrollment and verification are required for our model to achieve a false rejection rate (FRR) of below 3% at a false acceptance rate (FAR) of 1 in 50,000. In terms of identification accuracy which decreases with gallery size, we estimate that our model would fall below chance-level accuracy for gallery sizes of 148,000 or more. Our major findings indicate that gaze authentication can be as accurate as required by the FIDO standard when driven by a state-of-the-art machine learning architecture and a sufficiently large training dataset.