Search
 
News

Michigan Legacy Credit Union Turns Off Members’ Credit/Debit Cards to Online Betting

After the state recently legalized online gambling, members have already racked up debts they can’t afford to pay back, CEO says.

close-up image of Visa, Mastercard, American Express cards on a computer keyboard. Source: Shutterstock.

Soon after some members placed their first online gambling bets using their credit and debit cards, Michigan Legacy Credit Union President/CEO Carma Peters became alarmed.

Online gambling and online sports betting began in Michigan on Jan. 22 after the state’s legislature and Gov. Gretchen Whitmer legalized it in December 2019. Within the first five weeks, Peters grew increasingly concerned that online betting was quickly creating financial hardships for members. Because of today’s challenges of thin margins and the lingering uncertainties of the pandemic’s economic impact, she began to worry that member debts would worsen as online gambling became more popular, causing a greater risk of financial losses for the $260 million Michigan Legacy in Wyandotte.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Peter Strozniak

 

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.