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Wyoming Senator Cynthia Lummis, the leading negotiator for Republicans, berated her Democratic colleagues in a statement, saying they “played games” and “were never truly serious about protecting consumers”.

“The Democrats are now anti-American – sad!” she said.

The rejection of the Clarity Act can be viewed as a victory for gaming stakeholders in their fight against prediction markets, which are closely intertwined with the crypto world. Crypto markets have long been the second-largest category of prediction market trading, behind sports, and many crypto exchanges also now offer predictions. These include Crypto.com, Coinbase, Gemini and many others.

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Various MPs voiced concerns about the risk of privacy violations in accessing this data, and the potential social stigma around the information being shared.

Christofidou also floated the idea of issuing GMI recipients with a special card for in-person verification at gambling venues, but several MPs warned this could stigmatise welfare recipients.

Current gambling legislation restricts participation for minors and those classified as “financially vulnerable”. However, GMI recipients are not yet formally classified as such for the purpose of these regulations.

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Much of the onus for the increasing black market is put on increasingly restrictive policies enforced by regulators across the licensed sector.

Taking a deeper look at these restrictive driving black market activity, up to 46% of the markets covered in the report enforced “significant advertising restrictions” on the regulated market, including in Belgium, Bulgaria, Coratia, Cyprus, Germany, Italy, Latvia, Lithuania, Montenegro, the Netherlands, Poland, Romania and Spain.

Additionally the report cited taxing consumers (in 29% of the 28 markets covered), and banned products (14%), were also propelling growth in illegal gambling. A lack of choice, due to monopolies in place in five markets has also driven the rise.