League Students

Betting On Grades Becoming Popular For Ivy League Students

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College students will find almost anything to gamble on. If there is a chance at making some extra money while showing up their friends, most college students will take that opportunity every chance they get.

A new website, Ultrinsic, allows college students the chance to bet on their own grades. They give the students odds based on past performance and class schedule, and the student can wager on the results.

Already there are anti-gambling groups up in arms over the betting site. The creators of the site, however, believe that skill is heavily involved in the outcome of a student’s semester, therefore making this form of gambling legal in the US.

Students who wish to bet on their grades can go to the site and sign up. During the sign up process, the student gives the site authority to check their transcripts. After reviewing the transcripts, odds of success are calculated for upcoming classes. There is a cap on the amount that can be bet, but the rate grows the more the student uses the site.

The possibility exists that a freshman could make thousands of dollars if they successfully predict their grades from the time they begin college to the time they are graduating. Several students have claimed that Ultrinsic offers odds that are easy to take advantage of because many factors are not taken into account when calculating odds.

The betting site is not going after the party school gamblers. Of the thirty-six colleges where the betting is being offered, several are Ivy League schools. Columbia, Stanford, New York University, and the University of Pennsylvania are among the schools where gamblers can bet on their grades.

Gambling Application

Betfair Approved As First iPhone Online Gambling Application

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In the past, Apple has shied away from offering online gambling applications for their iPhone. Now, however, there seems to have been a change in policy, as Betfair is now offering a downloadable app for the popular iPhone.

Betfair has become the first online gambling application allowed by the Apple iPhone App Store. While it is a change in policy, those iPhone users in the US should be warned that the application will not be accessible for them.

“We have…added the ability to locate where the customer is,” said Charles Palmer, Head of Mobile at Betfair. “It can tell if you are in the UK or Ireland, and if you’re not, it won’t function. We put that in there as an extra precaution, they (Apple) didn’t request that.”

The online gaming laws in the US are currently up in the air. The Unlawful Internet Gambling Enforcement Act was created in 2006, but has yet to be put in effect. Representative Barney Frank is leading a congressional charge to overturn the law and set up a regulated Internet gambling system in the country.

One of the key issues with any of these gambling apps is their ability to enforce age requirements. In Australia, Senator Nick Xenophon is pushing laws that would ban gambling apps from phones, even if they are just for entertainment purposes. Still, Betfair believes they have safeguarded their app.

“There were no terms and conditions about gambling,” said Palmer. “we approached Apple with the proposal and our app, showing it does the normal KYC and age verification.”