It all started when Jeremy Gelbart, one of the founders of Ultrinsic, made a bet with Steven Wolf, the other founder, that he would make an A in a college class. After they graduated, they decided to see if this scheme could work on a larger scale:
Link via Marginal Revolution | Photo by Flickr user banspy used under Creative Commons license
Ultrinsic, currently in beta form, allows students at 37 colleges to gamble on their grades in each of the classes they take. The student hands over money to Ultrinsic--as well as access to his or her official school records--as a wager that they will attain a certain grade. If they get it, Ultrinsic pays out on a sliding scale.
A pilot scheme in place at both Penn and NYU over the last academic year had some takers, including one guy who won $150, although the serious money is to be made by high schoolers as they head off to university. Then, if you bet $20 on getting a 4.0 GPA, then you'll walk away with $2,000 should you succeed. That, apparently, is what motivation looks like.
Link via Marginal Revolution | Photo by Flickr user banspy used under Creative Commons license
Finally a way to market the education system! It's not like it was creating any revenue before, sure there were tons of "graduates" but probably a handful ever went to add to society. About time education did something for us!
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/sarcasm
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no! no! This is just another trick, to turn all of you wonderful youths into SLAVES, I say, SLAVES, to the education system in America! Do not fall prey to the almighty GPA! Instead, open your mind, I say, open your minds and freeeee yourselves!
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Why don't they bet if there will be any worthwhile jobs left that haven't been off shored or H-1B'd by the time they graduate.
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I suppose if it motivates a student to push harder for a higher grade in order to win the bet, then maybe.
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This is crazy, Lol... and 'yes' I wish they had this when I went to college. It'll be interesting to see how long the site lasts. Very interesting nonetheless!
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