Sunday, August 15, 2010

Money for grades, thanks to Ultrinsic

New York-based company Ultrinsic’s site now provides college students with a platform where they can take part in what amounts to betting on their own grades. Ultrinsic offers wager tiers ranging from straight A’s to “grade insurance” against bombing out of the semester; all opportunities give students incentives via potential moneymaking. Post resource – Betting on college grades with Ultrinsic by

Ultrinsic CEO says this isn’t online gambling

Ultrinsic chief executive Steven Wolf wants everyone to know that his business is not an online gambling portal. According to the Associated Press, Wolf makes the distinction between “betting on grades” at Ultrinsic and using a standard online gambling portal- Ultrinsic involves skill, instead of luck. It isn’t gambling, he says, but a platform where students can inspire themselves by investing within the future of their academic career.

”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 Wolf to the Associated Press. “Everything’s true about it; I’m just trying to say the underlying concept is just a little bit more than just making a bet – it’s really an incentive”.

How Ultrinsic does it

So long as a college student is 18 years old or older, they are eligible to register and begin wagering on their future success in school. Odds are tabulated based upon the student’s past academic history. Based upon upon data provided by participating colleges, odds are also affected by specific course information. The student can wager up to $25 to start, but the cap increases with repeated use of the site. Currently, 36 colleges participate in the Ultrinsic network.

And this isn’t online gambling how?

I. Nelson Rose of Whittier Law School in California identifies standard online gambling as revolving around chance, fees for the broker and small carrots to egg customers into greater wagers. Sometimes, grades are partly influenced by instructor grading theories that prevent A’s from being assigned, for instance. Nevertheless, 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. Student effort reigns supreme. ”The biggest variable is how much effort the student wants to put in,” exclaimed the chief executive. “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 and amp;date=20100810 and amp;id=11861854


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