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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.

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Peter Strozniak

 

Credit Union Times

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