It's not enough to retire on, but the money Toronto accountant Larry Silverberg found deposited in his bank account by the folks running the Malta-based Billionairio lottery was more than enough to keep his "cheap dream" alive.

And for the Canadians behind the raffle that skeptics in the blogosphere had written off as the latest online scam, word that Mr. Silverberg is a happy customer could not come at a better time.

Chris Burns, the vice-president of marketing for UniMint Ltd., operator of the game that aims to be the first in the world to give one lucky grand-prize winner one billion euros - admits selling a lottery that sounds too good to be true hasn't been easy.

"Our biggest role is going to be establishing, and maintaining, our credibility and trust," he said in a January telephone interview from Britain, where he was attending an online gambling convention.

The former British Columbia resident estimates UniMint's nine core investors have already thrown $1 million into the pot to get Billionairio out of the starting gate, and they were all working without a paycheque as the game's 2008 version began.

"Of course, that can't go on forever," he said. "Now that we've entered the second phase, we're talking about looking for outside capital."

And a resolution to the battle between Europe and the United States over online gambling wouldn't hurt either. Especially when UniMint's goal is to sell 75 million tickets.

So what exactly is Billionairio and how did a group of Canadians find themselves doing business in Malta?

The raffle-style lottery is the latest entry in the fast-growing "remote gaming" sector based in Malta and overseen by the island nation's Lotteries and Gaming Authority. Malta, in 2004, became the first EU member state to regulate remote gaming, which it defines as "any type of gaming using a means of communication," be it over the Internet, cellphones, land phones or fax machines.

Billionairio is a year-long game, with Dec. 27 set as the prize draw date. Closing numbers of major stock market indices are used to determine the winning numbers. The big payout - one billion euros - would be handed over to one lucky winner on the draw date if the lottery sold all 75 million tickets up for grabs. If not, the lottery's grand prize and 1,200 secondary prizes, ranging from 1,000 euros to 10 million euros, would be prorated.

Needless to say, the 2007 version of Billionairio, which got a late start after receiving its gaming licence in July, was not a sellout. In fact, fewer than 900 tickets had been sold by Dec. 27. UniMint, to meet its promise of a minimum payout, filled up the prize pool with the equivalent of 10,000 tickets.
So when the vacationing Mr. Silverberg was alerted in Florida that he held the winning grand-prize ticket, he greeted the news with skepticism. The accountant with Silverberg Perel Sheldon, who went online last summer and paid 25 euros for a ticket on a game he believed was a scam, wisely assumed that he had not suddenly become a billionaire.

"Then they wanted my bank account number," Mr. Silverberg said in an interview. "There was no way I was giving that out."

But Mr. Silverberg, ever the dreamer, opened a new account at another bank and waited for the money transfer from Malta, which describes itself as "Europe's gateway for remote gaming."

"When I went to the bank … I was surprised to see it there," he said of his 11,200 euro prize - the equivalent of $16,513.28, a far cry from one billion euros.

Mr. Silverberg, who along with the other 2007 players were given a free ticket for this year's game, said he now has faith in UniMint and its Billionairio game.

"Once they get a little publicity, I think they will be successful," he said.

Asked why he bought a ticket last summer when he believed Billionairio was a scam, Mr. Silverberg said: "People like to dream. I figured at the equivalent of $35 Canadian, it was a cheap dream."

Now, Mr. Burns and his UniMint team need to convince 75 million people worldwide to buy into the dream of becoming an instant billionaire. But they'll have to do it without the world's most lucrative market.

Like other Europe-based online gaming companies, UniMint is not accepting money from Americans, which means it does not have access to a massive market where consumers can't seem to get enough of Powerball and other mega lotteries. According to The Associated Press, about half the world's online gamblers are based in the U.S., where the market is worth more than $15 billion.

The move to effectively ban Americans from buying Billionairio tickets is a reaction to the U.S. war on online gambling, which saw President George W. Bush sign the Unlawful Internet Gambling Act in 2006. While the law does not make online gambling illegal, it does make it illegal for financial institutions and credit card companies to make transactions with online gambling operators outside the U.S.

Meanwhile, on the trade front, the Europe Union last year joined other nations seeking compensation from the U.S., after Washington removed online betting from its services agreement under the 1994 General Agreement on Trade in Services. This move came after the World Trade Organization ruled that the Americans were acting illegally when they refused to grant online gaming operators based in Antigua market access to the U.S.

The uncertainty surrounding the U.S. gambling law and trade dispute has forced online gaming operators, such as UniMint, to focus on markets in Europe and Asia.

"We can reach a market of 3.5 billion people without the U.S.," said Mr. Burns, adding that UniMint will focus its attention on Europe. In 2007, the bulk of the tickets were sold to Scandinavians, with Canadians coming in second.

But while Mr. Burns admits UniMint has its work cut out, he is confident Billionairio can, within three or four years, sell the required 75 million tickets it will take to create an instant billionaire. In the meantime, prorated prizes will be awarded and winners will get their money, he said.

"We know trust and credibility will take a long time to build," he said. "We're not here for a quick buck. We believe in it. It's an exciting entity."

Asked why the UniMint team is working for free - for now - to help create the world's first instant lottery billionaire, Mr. Burns replies: "We love the challenge."

He credits Vancouver businessman and partner Matt Thoma with developing the Billionairio idea, "largely because people thought it was ridiculous, that it was impossible to execute."

Ridiculous or not, Mr. Silverberg plans to keep dreaming the billionaire dream. With his modest winnings, he figures he can afford to buy another ticket. But there are other plans for the rest. "My wife says euros should be spent in Europe, so that's probably what we're going to do with it."

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Courtesy freelance writer Linda Mondoux, www.writingandeditingshop.com