Grey is the new game: iGaming adapts to rising compliance costs | AGB
Summary
The iGaming sector is shifting away from traditional “white” licences in jurisdictions such as Malta and the Isle of Man towards cheaper, faster-to-obtain “grey” licences from places like Anjouan, Curacao and Nevis. The move is driven by soaring compliance costs — extensive audits, mandatory local directorships and tougher anti-money-laundering regimes — that make top-tier licences increasingly burdensome for many operators. Grey licences offer lower up-front costs and quicker market entry, but come with regulatory and reputational risks.
Key Points
- Operators are favouring grey licences (Anjouan, Curacao, Nevis) as compliance costs for white licences escalate.
- Rising costs stem from heavier audits, local director requirements and stricter AML/KYC obligations.
- Grey licences deliver faster market entry and lower operating costs, appealing to smaller or expansion-minded operators.
- Choosing grey licences increases regulatory and reputational risk — potential for future clampdowns or market access limits.
- The trend is reshaping supplier, payment and compliance strategies across the Asia-Pacific iGaming ecosystem.
Context and relevance
This shift matters because licensing choices affect payments, provider relationships and long-term viability in regulated markets. As compliance overheads push more operators to grey jurisdictions, payment processors, content suppliers and investors must reassess risk, due diligence and market strategy. Regulators may respond with tighter cross-border enforcement or new rules, so businesses that ignore the trend risk being caught out.
Why should I read this?
Short version: licences are getting expensive, so companies are finding cheaper ways in. If you work in operations, compliance, payments or run an iGaming brand, this explains where firms are moving, why they’re doing it and what headaches might come next — saved you from wading through the expos, we did the digging.
Author style
Punchy: this is a significant industry shift. If you care about market access, compliance costs or reputational risk in iGaming, the full detail is worth a look — it underpins where deals and partnerships will flow next.
Source
Source: https://agbrief.com/news/23/09/2025/shift-from-traditional-to-grey-igaming-licenses/
