This paper provides a conceptual foundation for stochastic duels and contains a further study of the game models based on the theory of stochastic duels. Some other combat assessment techniques are looked upon briefly; a modern outlook on the applications of the theory through video games is provided; and the possibility of usage of data generated by popular shooter-type video games is discussed. Impactful works to date are carefully chosen; a timeline of the developments in the theory of stochastic duels is provided; and a brief literature review for the same is conducted, enabling readers to have a broad outlook at the theory of stochastic duels. A new evaluation model is introduced in order to match realistic scenarios. Improvements are suggested and, additionally, a trust mechanism is introduced to identify the intent of a player in order to make the model a better fit for realistic modern problems. The concept of teaming of players is also considered in the proposed mode. A deep-learning model is developed and trained on data generated by video games to support the results of the proposed model. The proposed model is compared to previously published models in a brief comparison study. Contrary to the conventional stochastic duel game combat model, this new proposed model deals with pair-wise duels throughout the game duration. This model is explained in detail, and practical applications of it in the context of the real world are also discussed. The approach toward solving modern-day problems through the use of game theory is presented in this paper, and hence, this paper acts as a foundation for researchers looking forward to an innovation with game theory.