Oakley was arrested at the Cosmopolitan Hotel on July 8 after a member of the Nevada Gaming Board said he "was suspected of adding to or reducing his wager on a gambling game after the outcome was known."
TMZ Sports reported that court documents allege Oakley tried to pull back a $100 chip when he realized he was about to lose a hand.
He then allegedly tried to illegally add chips to his bet twice when he had three of a kind.
Oakley's alleged transgressions were reportedly caught on surveillance video by the casino.
After initially being charged with attempting to commit a fraudulent act in a gaming establishment, the charge was knocked down to misdemeanor disorderly conduct.
Per TMZ Sports, he could serve up to six months in jail if convicted, but it is unlikely he will serve any jail time.
Last year, Oakley accepted a plea deal that led to five misdemeanor charges against him getting dropped in relation to his ejection from Madison Square Garden during a New York Knicks game.
The 54-year-old Oakley spent 19 seasons in the NBA with the Chicago Bulls, Knicks, Toronto Raptors, Washington Wizards and Houston Rockets.
According to TMZ Sports, he earned $46 million in total as an NBA player.