Grey Is the New Gold
For online gambling operators, entering regulated markets is clean, predictable, and… saturated. Entering grey markets? Risky, lucrative, and game-changing.
Grey markets are the digital Wild Wests of gambling—where demand is booming, regulation is murky, and opportunity comes wrapped in legal uncertainty. Whether it’s India, Brazil (pre-2024), Japan, or parts of Africa, these markets are legally complex, but commercially irresistible.
So how do the boldest operators expand into these grey zones without triggering regulatory backlash, banking freezes, or brand damage?
They hire elite legal advisors who specialize in navigating the fog, balancing compliance, and structuring operations in a way that keeps regulators at bay—while the cash registers keep ringing.
In this feature, we spotlight the law firms and advisors that have helped brands thrive where others fear to tread. If you’re planning to go grey without going down, these are the names you need to know.
Chapter 1: Understanding the Grey Zone
Before we name names, it’s crucial to understand what makes a market “grey.”
Grey markets typically fall into one or more of these buckets:
- No formal online gambling regulation (but no prohibition either)
- Ambiguous or outdated laws (pre-digital legislation)
- Fragmented regional rules (conflicts between national and local law)
- Non-enforced prohibition (de facto tolerance despite legal bans)
- Pending regulation (markets in legislative limbo)
Examples of recent or current grey markets include:
- India
- Japan
- Brazil (before 2024 regulation)
- Nigeria
- Thailand
- Canada (outside of Ontario)
- South Africa (for online casinos)
For operators, the upside is massive. Millions of untapped users. Low or no tax. Little competition. But the downside?
- Blocked payments
- ISP blackouts
- Arrests of local agents
- Bans from licensing authorities in major jurisdictions (e.g., UKGC, MGA)
- Public relations nightmares
This is where smart legal structuring—and the right advisors—come in.
Chapter 2: The Firms That Get You In (Without Getting You Out)
Let’s meet the top-tier legal advisors and firms who specialize in guiding gambling brands through murky waters and into new markets without stepping on landmines.
🎯 Nishith Desai Associates (India)
Market Specialty: India, Southeast Asia
What They Do:
One of the few Indian firms with a dedicated gaming law division, NDA has helped several European operators enter India through offshore structuring, digital services classification, and payment gateway setups that avoid triggering gaming bans.
Notable Wins:
- Structured a compliance model for an EU casino brand to operate in India without falling foul of state gambling laws.
- Assisted in repositioning gambling as “skill-based entertainment” for local marketing protection.
Why They Stand Out:
They don’t just know Indian law—they know how to read around it.
🎯 WH Partners (Malta)
Market Specialty: Global grey-to-regulated transitions
What They Do:
This powerhouse firm often helps clients operate semi-legally in grey markets while maintaining good standing with tier-1 regulators. They understand how to create arms-length operations that fly under the radar while preparing for future regulation.
Notable Wins:
- Structured a casino’s entry into pre-regulation Brazil using a Curacao umbrella, while ringfencing data and customer support through EU proxies.
- Helped brands avoid MGA penalties for grey market exposure by designing firewalls and disclaimers that show intent of compliance.
Why They Stand Out:
They have the trust of top regulators—yet know how to stretch the envelope just enough.
🎯 IMGL (International Masters of Gaming Law) Network
Market Specialty: Global intelligence
What They Do:
This is a collective of top gambling lawyers across the world. While not a single firm, their network is a goldmine for grey market expansion—especially when operators need country-by-country insight from trusted local sources.
Notable Wins:
- Helped multiple operators develop region-specific T&Cs, data policies, and affiliate disclaimers that comply with local nuances in 10+ jurisdictions.
- Often hired by licensing bodies themselves—giving them insight into what regulators watch for.
Why They Stand Out:
They’re the navy SEALs of global gambling law—experts in every territory.
🎯 Cuatrecasas (Spain/LatAm)
Market Specialty: Latin America, Southern Europe
What They Do:
Known for their work across Brazil, Colombia, and Mexico, Cuatrecasas helps operators enter uncertain LatAm markets with tight legal scaffolding, localization strategies, and smart partnerships with local entities.
Notable Wins:
- Helped design affiliate and media licensing models for a major EU operator to monetize traffic in Brazil ahead of regulation.
- Navigated tax structuring in Colombia to keep effective rates under 10%.
Why They Stand Out:
They speak both regulatory and cultural language fluently.
🎯 Harris Hagan (UK)
Market Specialty: Grey exposure risk mitigation
What They Do:
Though focused on UK clients, Harris Hagan has become the go-to firm for keeping operators licensed in regulated markets despite grey market activity.
Notable Wins:
- Advised Tier 1 operators on de-risking exposure to India and Asia without losing their UKGC licenses.
- Developed risk maps and compliance defenses to prove “no active targeting” of unregulated jurisdictions.
Why They Stand Out:
They specialize in regulatory reputation—keeping the UKGC, MGA, and Spelinspektionen happy while you grow elsewhere.
Chapter 3: The Playbook—How They Actually Do It
So how do these legal advisors pull it off? Here’s a glimpse of the common grey market entry strategies they deploy:
🧱 Layered Entities
Create shell or management companies in offshore hubs (e.g., Isle of Man, Curacao, Seychelles) to distance HQ from grey operations.
📍 Geofencing & Disclaimer Engineering
Implement “soft compliance” via pop-ups, disclaimers, and IP filters that signal respect for local law—without fully blocking users.
💳 Creative Payment Flows
Work with third-party processors who classify gambling as “entertainment,” avoiding banking flags. Some firms even help clients build their own PSPs.
📣 Affiliate Firewalls
Design affiliate marketing contracts that explicitly prohibit local language, geo-targeting, or local influencer campaigns—offloading liability.
🔐 Data Separation
Store customer data in compliant jurisdictions to sidestep surveillance or seizure by hostile regulators.
⚖️ “Skill Game” Reclassification
In markets where chance-based gambling is banned, lawyers reframe games as skill-based or fantasy contests to avoid regulatory scrutiny.
Chapter 4: Grey Doesn’t Mean Reckless
The best legal advisors don’t push their clients into grey zones blindly. Instead, they work to build regulation-ready structures that:
- Can be licensed quickly if the market opens
- Minimize enforcement risk
- Shield directors from liability
- Retain investor confidence
- Protect user data from hostile jurisdictions
This approach is what separates cowboy outfits from global brands. Grey doesn’t mean illegal. It means strategic ambiguity—until the light turns green.
Conclusion: Hire Smart, Scale Bold
For gambling brands eyeing expansion, grey markets can look like goldmines. But one misstep can trigger an avalanche of fines, bans, or blackouts.
The legal advisors we’ve profiled here don’t just offer protection—they offer possibility. They help you grow without imploding. Win new users without losing your license. Go big without going rogue.
Because in the gambling world, playing in the grey is fine—as long as your legal team sees in high definition.
