In the past two decades, public awareness of capital resources has increased manifold; people have become aware of trades and games of skill made to profit. Among the games played for monetary enrichment and recreation, gambling and betting are the most prominent ones. While gambling and betting are deeply entrenched in the Indian culture, Indian law and policymakers have long considered the activity a vice and shunned any involvement in the game through the British-era legislation Public Gambling Act, 1867 which forbids gambling. With a paradigm shift in the gaming industry, the act stands mainly unamended after over 160 years since its inception. The technological advancement and innovations in sports betting and gambling have left the act archaic and need reformation. Many suggestions have been made by commissions set up by the Supreme Court of India and the parliament for the reformation of the gambling act by ultimately legalising betting and gambling for the socio-economic benefit of the country. The paper argues that a comprehensive legal framework is required to regulate gambling and betting activities in India, which should focus on skill-centric games, fair practices, and ensure that interested bettors and gamblers register themselves before a licensed operator. It also discusses the need for a modern protocol for licensed gambling and betting has become more pressing than ever, with the emergence of blockchain-based platforms and the acceptance of cryptocurrencies as a method of payment. The paper recommends that India should follow the examples of other countries and adopt a law on gambling that supersedes all existing contradictory statutory regulations.