If convicted, Oakley could face one to six years in prison for the crime, which TMZ says was caught on one of the casino's security cameras.
Charles Oakley during his time with the Toronto Raptors.
According to TMZ, Oakley was arrested Sunday evening at the Cosmopolitan casino after he tried to pull back a $100 chip when he realized he was going to lose while playing an undetermined table game.
Security at the Cosmopolitan stopped Oakley, with the incident being recorded.
Wimbledon 2018 quarter-finals
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"This is not a significant matter and we expect it to be resolved quickly", Oakley's attorney Alex Spiro told ESPN.
In a statement provided to the Daily News, the Nevada Gaming Board said Oakley "was suspected of adding to or reducing his wager on a gambling game after the outcome was known".
Oakley played 19 seasons in the National Basketball Association, 10 of which were with the Knicks, before retiring in 2004 with the Rockets.
Oakley later filed a civil suit against the venue and Knicks owner James Dolan, claiming damages for defamation and slander causing emotional distress.
Oakley is the coach for the Killer 3s of the Big3 league now. The charges against Oakley were later cleared as part of an agreement, which included banning him from the arena for a year.