WebMoney

WebMoney is a long-established digital-wallet system from Russia. Where supported, it allows online deposits without sharing bank details. WebMoney's rouble (R-) wallets have been unavailable since 11 February 2022, when the Bank of Russia revoked the licence of its settlement bank, so acceptance is uneven and narrow.

WebMoney may look like a confusing mess to anyone unfamiliar with the system, but it’s actually a useful and versatile payment system. The easiest way to explain WebMoney to the uninitiated would be to call it Russia’s version of PayPal. Like PayPal, WebMoney can be used to send money to friends, make deposits to betting sites and receive payments.

After the loss of its rouble settlement bank, WebMoney's reach is much narrower, and few betting sites still list it as a deposit or withdrawal method. It offers a variety of payment methods that include bank transfers and in-person cash exchanges. Perhaps best of all, no bank account is necessary to use the service.

How Betting Using WebMoney Works

WebMoney accounts consist of “purses", and you can hold more than one purse in a single account. Each purse holds electronic money corresponding to an underlying asset, such as a currency, and a network of guarantor companies holds those assets and issues the matching WebMoney units. Rouble R- and P-wallets have been unavailable since February 2022, when the Central Bank of Russia revoked the licence of KKB Bank JSC, the guarantor and settlement bank behind them.

Your purses are all held in your account (called your “Keeper") under one WebMoney ID (WMID). Whenever you send money to someone, you enter that person’s WMID and the funds are sent to that user’s account. To receive payments from online casinos, you give the site your WMID and the money is deposited into the appropriate purse inside your WebMoney account.

There are many other things you can do with a WebMoney account. You can use it to set up contracts with other members, initiate loans and escrow funds with password protection. It can get quite complicated if you dig into everything WebMoney is used for. But for the purposes of online betting, you can look at WebMoney as a basic e-wallet.

Customers interact with the system via software called the WM Keeper. There are four different versions of the Keeper software that you can use to access your WebMoney account:

• Keeper Classic: A software download that you install on your PC

• Keeper Light: A browser add-on that you can use to interact with the WebMoney website over a secure connection

• Keeper Mini: A smaller browser add-on with limited functionality

• Keeper Mobile: An app for your smartphone

You’ll be asked to download or install one of these applications when you sign up for a WebMoney account. Keeper Classic is the best for anyone with a PC as it allows full use of the system.

Depositing

WebMoney betting sites have it listed as a deposit option inside the cashier’s area. Log in to your account, head to the cashier and choose WebMoney for your deposit method. On screen instructions will tell you how to complete the deposit from there.

At most large betting sites, the cashier is integrated with WebMoney. This means you can complete your deposit without leaving your gambling site. All you have to do is enter your WebMoney details, choose an amount to deposit and hit the deposit button.

Fees

Your bank or local exchange office may charge fees of its own.