Betting using WebMoney

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Established within the Russian Federation in 1998, WebMoney is a “global settlement system and environment for online business activities.” It provides a handy payment tool for secure, instant transactions online, along with the ability to affect safe money transfers and real-time payments in Eastern Europe and around the world.

Under the name WM Transfer, the company is headquartered in Moscow. From this base of operations, transactions can be conducted in variety of currencies, from Euros, U.S. Dollars and Russian Roubles to Ukrainian Hryvnia, Belorussian Roubles, Vietnamese Dongs and Uzbek Sum.

One of WebMoney’s highly prized services is the storage of “valuables of various legal nature,” much like collateral used for a personal loan. Assets can be kept at specialized entities known as the “Guarantors,” and numerous “interfaces” allow the property rights for such valuables to be operated, controlled and exchanged. The term “Purse” is used to refer to the accounting attribute of proprietary rights. All Purses in the system have a 12-digit ID number and a prefix that belongs to a corresponding Guarantor.

Examples of purses include the R-Purse WMR which contains the bearer’s bank cheque in Russian Rubles, the Z-Purse WMZ for goods certificates denominated in USD and the G-Purse WMG containing warehouse receipts for stock Gold held in a certified storage area. The Guarantors for such purses range from Amstar Holdings Limited and Netec Financial Ltd to Ukrainian Guarantee Agency LLC and Technobank JSC, among others.

As regards online gaming, WebMoney is an accepted deposit and/or withdrawal method at no fewer than 538 web sites around the world. They include InstaForex, 888 Casino, Party Poker, bwin Sportsbook, William Hill and BetVictor, to name a few.

The first step in using WebMoney for gaming is to create a personal WebMoney Transfer account. To do so, simply log on to wmtransfer.com and visit the Registration page. Entry of a mobile phone number is required initially. It will be verified to provide the customer so that additional secure login can be conducted with a one-time password, which is sent via SMS to the phone. SMS is also the method used to restore a lost password, too.

Next, personal details are input, such as full name, address and date of birth, along with a preferred email address and personal password. Again, verification of the email address is performed—all part of the security protocols in place at WebMoney.

Once the account has been created, assets can be stored by using bank wire for cash or online e-currency exchanges, or else by purchasing a pre-denominated WebMoney scratch card from a participating retailer in Russia. Certain fees may apply, depending on the funding method chosen. Cash-outs can be made via bank wire, online exchangers or direct to a bank cards, too.

Once the WebMoney purse has been created, a gaming site can be integrated. At BetVictor, for example, secure payments can be made to a gaming account without using cards. Simply select the WebMoney icon, complete the on-screen instructions and the funds will be received by BetVictor within minutes.

WebMoney is available to BetVictor customers when using accepted account currencies, namely USD, EUR, GBP, AUD, SGD, SEK, DKK, CHF, NOK and RON. Limits apply to deposits and withdrawals according to the currency selected. In Sterling, for instance, the minimum transaction is £10 and the maximum is £500. In Euros, the limits are €10~€750. The country of origin makes no difference; only the denomination selected.

Quite recently, WebMoney has established linkage with a number of social media providers, from Facebook to Yahoo!, MyOpenID, ICQ, Twitter and Gmail. This makes logging on to a WebMoney purse as simple as clicking on a familiar icon, once the customer’s account has been linked.