Washington Gambles On CU Lottery
OLYMPIA, Wash. – Washington state’s House of Representative on Friday approved a bill that will allow credit unions to offer savings lotteries similar to the successful contest that awarded millions of dollars in prizes from Michigan’s credit unions.
Because of a minor amendment, the bill was sent back to the state’s Senate, which approved it earlier.
The Prize-Linked Savings Bill would allow the state’s financial institutions to implement a lottery-type reward system for those who put money in a savings account.
Washington is one of four states, along with Nebraska, Iowa and Rhode Island, that are considering legalizing prized-linked savings contests. The bills would amend the states’ gambling laws to allow credit unions and banks to offer the lotteries.