Ultrinsic: University Students Bet on their Grades Online
Written by Matt W | Saturday, August 14th, 2010
The legality of a new gambling venture in the United States is being questioned after a New York based site, Ultrinsic, started allowing students to wager on their own grades.
Ultrinsic was founded by two graduates from Queens College and last year started accepting bets from students at New York University and the University of Pennsylvania. The idea was so popular that the service expanded this year to over 36 campuses.
So how does it work? First students register with the site and upload their schedules. This gives Ultrinsic entry into their school records in a bid to calculate the odds based on a number of factors, including difficulty in a particular subject, and so forth. Once odds are calculated, students decide on which bets to place, with all bets capped at $25. These can increase with use.
There are some concerns regarding the use of this site, including the question of whether it is legal or not. The Chief Executive Officer of Ultrinsic, 27 year old Steven Wolf, said that after checking with gambling lawyers, he was told that because the site involves the element of skill, it is perfectly legal.
Others are concerned that giving the site access to their personal information may not be a good idea. However, a company spokesperson stressed that none of the information is sold to a third party and remains safe in the database.
Wolf is adamant that Ultrinsic is a legitimate business and a safe venture for students to make extra pocket money. “The students have 100 percent control over it, over how they do,” he said. “Other people’s stuff you bet on – your own stuff you invest in. Everything’s true about it. I’m just trying to say that the underlying concept is a little bit more than just making a bet – it’s actually an incentive.”
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· Written by Matt W · Filed Under Poker News · Comments Off
