Ultrinsic is a new online gambling website which allows US college students to bet they will get good grades in their classes. The students can register for free, giving Ultrinsic the permission to access their school records.

The website works with 36 of the top US universities and several Ivy League schools like Princeton and Rutgers. The odds are based on the student's past history, on his academic schedule, or on the difficulty of the classes. The website allows students to bet on whether they can exceed a certain grade. The bets start at $25. The student puts some of the money and the company puts up the rest. If the student makes the grades, he keeps all of the money. If not, the company cashes out the student's money. Six hundred students signed up on the website over the course of the last year.

“I think if it motivates students to put all of their energy into their studies, it's a wonderful thing,” said Ultrinsic CEO Steven Wolf. “You can gamble on something like dice, and it's a meaningless thing. But the substance of what you're dealing with here is education — which we all know is extremely important.”

Steven Wolf also said that thanks to Ultrinsic, the students are now more motivated to do well in school and get extra pocket money.