The game, which is known as Trouble in the U.S., was such a favourite of the brothers that they took it on tour with them everywhere and creators MB Games even made them their own personalised Oasis version.
However, Noel reveals there was a dark side to their love of the dice-based pastime as games played for money always ended in fights and Liam accused him of cheating.
"It would always end in violence," the musician tells comedian Matt Morgan on his "Funny How?" podcast. "I was up about a grand ($1,220) up at one point on tour. He (Liam) always accused me that somehow, before the game had started, I had unscrewed the glass dome and put grease on the dice."
"It's a complete game of random - it's in the lap of the gods. I was winning far too much for him to handle so he accused me cheating - f**king rigging the game. Would I rig a game of Frustration?"
The rock and roll star hasn't let his fights with his brother put him off the game however as he says he took the Frustration after the band split in 2009 following a fight backstage before a gig in Paris, France - and still keeps a board in his dressing rooms today.
In the chat with Matt, Noel also reiterated his reluctance to reunite Oasis with Liam, despite his sibling's calls to do so for a one-off charity gig for Britain's National Health Service (NHS) workers - saying he would only be doing it to, "shut this f**king idiot (Liam) up."