Sky News reported the foreigner, whose name was not released, apparently struck a deal with a staff member in the VIP gambling area at the Crown Casino in Melbourne and the worker used the casino's security cameras to tip the man off as he played cards.
The Melbourne Herald Sun said Victoria police are investigating the incident.
The employee has been fired and the player has been banned for life, the casino said.
Barron Stringfellow, an renowned gambling security consultant, told the Australian Broadcasting Corp. such incidents are preventable.
"The problem with casinos is that they believe they are unbeatable," he said. "And we see over and over again that they're not unbeatable. If casinos would monitor for wireless transmissions, they would be able to thwart these plans at the onset."
Crown officials said they are confident they will be able to recover the money.