Kingsley, who won an Oscar for his performance in 1982 biopic Gandhi, signed up to the project after completing work on IRA drama Fifty Dead Men Walking.
Producer Ambika Hinduja said the casting reflected the "international" vision of the film.
Director Leena Yadav added: "Sir Ben Kingsley is every director's dream actor, with acting prowess honoured the world over. I am thrilled to be directing two of the world's finest acting talents, Sir Ben and Amitabh Bachchan.''
Teen Patti, which is believed to be inspired by Hollywood's 21, also features Siddharth Kher, Dhruv Ganesh, Vaibhav Talwar and Shraddha Kapoor.
Richard Gere recently agreed to make a brief cameo in the film, which will mark his Bollywood debut.