Yes, you can create an online casino for little money. Such casinos usually operate outside the legal field. I do not think that their owners will spend their money on a license.
There are some who get license for their casinos, and we can see a lot of casinos that has an ANN thread in the forum that is registered and AFAIR most of them are registered in Curacao Gaming Licence, but actually gamblers does not ask or bother to know where they are registered, they gamble because the site has a good reputation.
So with less money, you can still create a casino even without license but building your reputation will take time especially that the competition in the gambling world is high.
Recently, I dont remember such an IEO that managed to raise money to create a gambling site.
Maybe because serious gambling operators will start their own money in venturing this kind of business, when they run their own money, they can maximize their profit as long as the casino will become a success. As an investor, I would also not choose to invest in a certain gambling casino IEO as in the past, I can't remember any gambling sites that has an ICO that were having big success even if they raise a decent amount of money.