transact

“There are very few buildings that can actually transact” leases, he said, because they can give tenants the financial concessions they need to move in.

“These are people who are in the United States legally and need active Social Security numbers in order to work and transact personal business,” Richtman says.

There are another 300 million "emerging" or "aspirant" consumers, but they are reluctant spenders who've only just begun to open their purse strings, as click-of-a-button digital payments make it easy to transact.

It wants an assurance from the clubs that they have "carried out due diligence on their white label partners and that consumers in Great Britain cannot transact with the unlicensed sites," it said.

If there are enough buyers and sellers transacting, that market is efficient.