Students at USC and UCLA can bet on their own grades this coming fall. According to KTLA, the site Ultrinsic.com lets students bet on whether or not they can achieve a certain grade. The bets start at $25.
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This is how it works: A student places a bet on the website, puts up some of the money and the company guarantees the rest. The student only gets to keep all the money if he or she makes the grade. If they don't, the company keeps the money.
Though it is illegal gamble online in the United States, Ultrinsic co-founder Jeremy Gelbart insists that the system is an "investment" for students rather than a bet.
The amount of money students have to put up depends on information such as the student's past academic record and the level of difficulty of their classes. Students can also bet on the fact that they will fail a class.
Alexander C. McCormick, director of the National Survey for Student Engagement, told KTLA that he's worried that betting on grades could encourage more cheating.