Ultrinsic, a New York company, is giving university students the platform to extend the carrot and inspire good grades – via their own monetary wagers. Betting on straight A’s pays top dollar, when betting that they won’t be unsuccessful – what Ultrinsic calls “grade insurance” – is a popular but less lucrative endeavor.
Ultrinsic CEO insists service is not online gambling
Online gambling is illegal in the United States, so Ultrinsic CEO Steven Wolf makes a point of informing anyone who will listen that his company is not an online gambling site. He told the Associated Press that “betting on grades” is inaccurate, in the sense that skill is what is really involved, as opposed to luck. Gambling is a game of chance, whereas Ultrinsic gives students a chance to take control and invest in their academic future.
”The students have 100 percent control over it, over how they do. Other people’s stuff you bet on – your own stuff you invest in,” said Mr. Wolf. “Everything’s true over it; I’m just trying to say the underlying concept is a little bit more than just making a bet – it is actually an incentive”.
How Ultrinsic does it
A college student 18 or older who is interested in Ultrinsic can register. The odds on present wagers are tabulated depending upon the student’s past academic record. Odds are also influenced by data Ultrinsic has obtained about the courses a customer is taking. First wagers cap at $25, but future wagers could be higher, based upon upon customer activity. Currently, 36 colleges participate within the Ultrinsic network.
And this isn’t online gambling how?
Skeptics like I. Nelson Rose of Whittier Law School in California are skeptical of services like Ultrinsic, although it doesn’t specifically meet the classic definition of gambling in that it doesn’t revolve around total chance, fees and a prize at the end. Grades aren’t always 100 percent within control of the student, as instructor bias is not uncommon. However, students are the driving force the vast majority of the time. Thus, luck falls largely by the wayside as skill becomes the prime determinant.
Wolf understands that variables can exist in the grading equation. However, student effort is clearly the trump card. ”The biggest variable is how much effort the student wants to put in,” Wolf stated with good clarity. “In general, if anybody would study 10 hours a day consistently for one class, they would get no matter what grade they wanted to get”.
Further reading
Associated Press
articles.moneycentral.msn.com/news/article.aspx?feed=AP and amp;date=20100810 and amp;id=11861854
Ultrinsic
ultrinsic.com/
