Charles Oakley during his time with the Toronto Raptors. After they reviewed the footage, Oakley reportedly was booked at Clark County Detention Center.
Oak's gambling charge is serious business - "to commit or attempt to commit a fraudulent act in a gaming establishment".
On Thursday, TMZ Sports reported Oakley tried to remove a $100 chip from a wager after realizing he was going to lose.
Officials from the Nevada Gaming Board told TMZ that the 54-year-old Oakley 'was suspected of adding to or reducing his wager on a gambling game after the outcome was known'. If convicted of a first offense, the violator is subject to a sentence of 1-6 years in a state prison and a fine of no more than $10,000.
"This is an insignificant matter that will be quickly resolved", a source close to Oakley told TMZ.
Oakley played 19 seasons in the National Basketball Association, 10 of which were with the Knicks, before retiring in 2004 with the Rockets. However, Oakley's relationship with the Knicks has been strained for years because of his criticism of James Dolan, Madison Square Garden's chairman.