US residents tired of being denied access to conventional casino gambling on the Internet now have a fresh alternative while awaiting the advancement of H.R. 2267. A new service is allowing college students to use their academic records for online gambling.Ultrinsic is a website which uses an algorithm to calculate betting odds based on course difficulty, personal history and current workload. Site operators say taking bets and placing lines on a student's future success acts as a motivating tool.
Further, the site hopes to escape the nefarious clutches of the UIGEA ban while it still exists, as site designers say the system tests skill, not luck, and is therefore not gambling.
"Other people's stuff you bet on; your own stuff you invest in," CEO Steven Wolf told the Boston Globe.
Participants set their goals, and the Internet gaming site determines odds of the achievement coming to pass. Over 30 universities are already accepted by the database, including Stanford, New York University, and five Ivy League institutions, and more are being added each term.
Online gambling foes might object to the targeting of young people, but site operators claim most participants are expected to use the wagers as motivation to study and excel. Internet and technology website Switched.com pointed out the company should expect to lose money, unless "the goal is to prey upon the under-performing students of America. In which case, Facebook's beat you to it."
Published on August 10, 2010 by JoshuaMcCarthy
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