Depends on the market and the operator intent. If the offshore positioning is a stepping stone to a Tier-1 licence migration, yes. If the operator is targeting a regulated jurisdiction from offshore as a permanent position, generally no.
The honest framing: operating from an offshore licence into a regulated jurisdiction creates regulatory exposure for the operator and reputational exposure for any strategic partner. As a stepping-stone shape (Curacao or Anjouan licence as a bridge to a UKGC, MGA, KSA, or DGOJ application within an 18-24 month window) the work is straightforward: the operator is building real operations, building real compliance frameworks, and migrating to a proper licence on a clear timeline. That is a market-entry engagement with an offshore launch phase, not a permanent grey-market positioning.
As a permanent positioning (operator with offshore licence intending to remain offshore while serving regulated-market players) the work is not a fit. The operator economics may look attractive in the short term, but the regulatory direction across all serious markets is the same: enforcement against unlicensed operators is increasing, banking and PSP relationships are getting harder to maintain, affiliate partners are increasingly required to filter players by licence status, and the operator value at sale is materially lower for offshore-permanent operations than for regulated operators. The work shapes around regulated-market operators on a defensible path.