License isnt everything or does give out that kind of 100% assurance that a casino wont be ending up on a scam. The only thing that it is happening on here is that even if a business does want to be kyc-less but there are such situations on why they do end up on being regulated.
1. Mandatory imposed by the government - no license no operation
2. Sign of legitimacy - Some gamblers do seek it out
But in overall they can actually ran without having those license but well just like on what being said on #2 that whenever a new casino shows up, then people
or the community starts out to look for license and act it out just to be like a legitimate casino on which it is a wrong belief to have in mind.
There are few gambling sites here which don't have their license up until now but still operating. They can really do this business without a license, but it would take time to earn credibility from the players. Reputation is important if they want to attract high rollers in their platform. Sure, some may play on their site as they have no kyc, but do you think they will deposit large amount of money? I don't think so. Because they have no reputation yet on this business, so people are still adamant on depositing good amount of money. They will try but mostly they will spend only small amount of money.