Charles Oakley Catches Break In Vegas Gambling Case, Not Off the Hook

Prison's officially off the table for Charles Oakley in his casino cheating case -- but he ain't outta the woods just yet.

TMZ Sports broke the story ... the ex-NBA star was arrested at the Cosmopolitan in Vegas on July 8 after officials say he changed his bet after the outcome of the game was known.

Our sources have told us Oakley pulled a $100 chip back after he realized he was going to lose.

Oakley was initially charged with attempting to commit a fraudulent act in a gaming establishment -- and faced up to 6 years in prison if convicted.

But now, the Clark County District Attorney tells us the charge has been reduced to misdemeanor disorderly conduct.

And, while the new charge carries up to 6 months in jail if convicted -- it's unlikely he'll spend another minute behind bars.