Former Jenkintown tax collector Michael O'Neill took a gamble with his freedom when he stole more than $200,000 in tax revenue, police said.

Making matters worse, he allegedly gambled most of it away.

O'Neill, 50, was arrested yesterday and charged with theft and related offenses for pocketing borough taxes during his tenure from January 2002 until his resignation in January, the Montgomery County District Attorney's Office said.

Investigators did not detail how O'Neill allegedly stole the funds but they did say that of the $201,181 he's accused of stealing, he lost more than 90 percent of it - or $182,000 - in Parx casino in Bensalem.

O'Neill, who was in charge of collecting real-estate taxes and distributing funds to schools, the borough and the county, allegedly lost the $182,000 in one year, between December 2008 and December 2009, police said.

- Stephanie Farr