The Chief Operating Officer of the Borgata Hotel Casino & Spa gave an interview to the "Squawk Box" program on CNBC this week, telling the program that online betting in New Jersey is beating expectations and does not cannibalize the brick and mortar side of his business.
Tom Ballance spoke to the the financial based show, saying: "Borgata was uniquely positioned to be at the forefront, primarily because of efforts by our managing partner, Boyd Gaming Corporation. Boyd's strategy is to engage in online gaming nationwide. We weren't out hunting for a service provider, when others were. We were all set up and ready to go."
Ballance revealed that his casino has seen more than 20,000 online betting accounts created since online gambling went live in New Jersey on November 21st.
He also went on to address those who think that that online betting will take away customers from the land side of the casino, noting: "When we match up databases, the great majority of players who were playing online have not been to Borgata in well over a year. And the vast majority has made fewer than two trips in the past year. So it's a different customer."
He went on to say that thus far, the online gambler is a bit more male.
On the issue of online gambling being too easy for home based punters, Ballance said, "Online we actually have more controls. ... You don't extend credit online. You've got to fund your account somehow ... through your checking account or through a credit card."
Numbers by the New Jersey Division of Gambling Enforcement will be released later this month, and will reveal just how many accounts and the total number of money that has been wagered.