MIDLAND -- A new website is letting students place a wager on their grades.
The creator of the website says money motivates students to get good grades, but college officials say it's nothing more than on-line gambling.
Getting an ‘”A” for a college course can now come with a cash reward.
The website Ultrinsic.com is letting students wager on their grades.
"I think it's a good idea," said Northwood University Student, Faith Clapper.
Here’s how it works. A student logs on and picks the courses they've registered for, then the student's academic history, and course difficulty, along with the amount of money they've chosen to invest is calculated into a cash reward.
“A ‘B’ student getting an ‘A’ has an X percentage of hitting it, so if you contribute $100 to your incentive than we will contribute $100 to your incentive,” said Steven Wolf, the CEO of Ultrinsic.
A student can earn up to $2,500 per school year for winning, and $250 for failing.
The provost of Northwood University calls the website service on-line gambling.
"This has all the trappings of a game," said William Bateman, the Provost of Northwood University.
The creators of Ultrinsic disagree, saying money is an excellent way to motivate students to party less and to study more.
"Betting means you are doing something that is outside of your control, and in this situation, school is not outside the students’ control, otherwise school itself would be betting," said Wolf.
Students from 36 schools can gamble on their grades, here in Michigan only two, the University of Michigian in Ann Arbor, and Michigan State University, the provost says that's because they're the biggest schools, and it's easier to make money.
"This promotes a short term view of the world, a short term gain, and that's not what we are here to do," said Bateman.
But some Northwood students say they like the idea.
"I know quite a few students who have a 4.0, higher than average grades, so I think it would be a pretty good bet," said Clapper.
The provost hopes students realize education is about transformation, not transaction.
The CEO of Ultrinsic hopes to open the website to other colleges in the future, and it will soon be offering tutors, text books, and school supplies to create additional revenue.
So far 5,000 students have signed up to wager on their grades.
