TMZ reported further details, saying that Oakley pulled back a $100 chip once he realized he was about to lose his bet.
Oak, 54, was confronted about the incident and after a security team reviewed the casino's video footage it was determined that he had cheated. He was then booked at Clark County Detention Center at about 5:30 p.m. local time.
He was arrested and charged with committing or attempting to commit a fraudulent act in a gaming establishment.
Charlotte Bobcats assistant coach Charles Oakley watched from the bench in the first half of a game against the Philadelphia 76ers in Charlotte, N.C. Casino regulators in Nevada are accusing the former New York Knicks star of gambling fraud. If convicted he could face up to six years in prison.
Oakley was recently cleared of misdemeanor assault charges stemming from a scuffle with Madison Square Garden security guards past year in which he was violently ejected from the stadium during a game.
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Oakley now is the head coach of the Killer 3's in the IG3 basketball league and a source close to him states, "This is an insignificant matter that will be quickly resolved".
Oakley played 19 seasons in the National Basketball Association before his retirement in 2004.
In 2017, Oakley was thrown out of the Garden after an altercation. He has since filed a lawsuit against Dolan and MSG alleging he was a victim of assault, battery, false imprisonment and slander.