Michigan Legacy Credit Union CEO Carma Peters was alarmed by the volume of online bets placed by her institution’s members within the first weeks of legal online betting in Michigan.
In less than two months since the Jan. 22 launch in the state, Peters said 187 members made more than 1,200 transactions with online betting sites totaling $82,715.
That’s just about 1 percent of the credit union’s 20,000 members, many of whom are in the low-income bracket. Peters quickly sensed the risks it posed for members and her business.
“They’re not calling their gaming apps; they’re calling us,” Peters said, adding that gaming merchants are not implementing spending floor limits. “From a reputation standpoint, this is not good for us. While we…
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