Higher-education officials might have some concerns about a new web site, called Ultrinsic, that is taking wagers on grades from students at 36 colleges nationwide starting this month.
Just asLas Vegas sports books set odds on football games, Ultrinsic will pay you top dollar for A’s, a little less for the more likely outcome of a B average or better, and so on. You can also wager you’ll fail a class by buying what Ultrinsic calls “grade insurance.”
CEO Steven Wolf insists this is not online gambling, which is technically illegal in the United States, because wagers with Ultrinsic involve skill.
“The students have 100 percent control over it, over how they do,” Wolf says. “… The underlying concept is a little bit more than just making a bet — it’s actually an incentive.”
Parents might disagree, however, that it’s a smart way to spend money — never mind whether it’s legal. And a California gambling law expert says they might be right, once you take into account the factors besides skill that contribute to academic performance.
Read the full story on eCampus News