Starving college students who survive off EasyMac and Ramen Noodles might start winning some extra cash on the side–– not through getting a part-time job or hitting Vegas, but by gambling on themselves. Using Ultrinsic.com, college students across America can place bets on their grades.
Ultrinsic Motivator Inc. expanded their website last month to reach 36 of the nation’s top universities, including Stanford University, Harvard University, New York University, UC Berkeley and UC Los Angeles.
The appeal of a little bonus money is clear to students in universities all over America. Biola is no exception. Although Biola has yet to become a part of the program, Biola students had no problem sounding off their own opinions on the website.
“If that were available at Biola, I would do it,” said sophomore, Elizabeth Mosquera. “It might be a good way to encourage students to start working harder.”
Many students reasoned that they could wait for the natural reward of a good job, but Ultrinsic makes the reward more immediate.
“I’m going to want to have a good GPA whether I get paid or not for it because I want to succeed,” Mosquera said. “But at the same time, you’re getting rewarded for it. You might as well.”
Created by Steven Wolf and Jeremy Gelbart, Ultrinsic provides students with incentives based on skill and performance in classes. Users of the site create personal accounts and input their academic history, class schedule and official school records. Ultrinsic then takes that information and does calculations to determine a reasonable bet. The bets are based on past performance and expectations for the next semester. Wagers begin at $25 and go up the more the student plays. Students decide for themselves how much they are willing to wager.
According to Gelbart, Ultrinsic’s mission involves translating the ulterior motives of monetary gain to an intrinsic love of learning. He explained in an NPR radio interview that, by paying students for doing well in their classes, students will work hard academically and eventually enjoy school and use what they’re learning.
Students such as 20-year-old Alex Winter of the University of Pennsylvania supported Gelbart’s theory. Winter never considered Ultrinsic a form of gambling, he told the Huffington Post, because he began to actually enjoy being pushed to work harder and get better grades.
CEOs of the Ultrinsic have denied accusations that the system is online gambling. Wolf insisted that the wagers are dependent on skill rather than chance and that students’ grades are entirely in their control, making these incentives legally acceptable.
Many students and teachers from universities throughout the U.S. have suspected that the company is merely trying to make a profit off of naive college students. In making a wager, students must contribute a portion of their own money and Ultrinsic puts up the other half. If the student wins, the student gets to keep their money and is rewarded the other half. If the they lose, however, Ultrinsic takes his money.
Gambling law experts have claimed that a site like Ultrinsic.com does count as online gambling, while other critics working in higher education claim Ultrinisic could alter behavior and attitude toward education–– taking the emphasis off the process of learning and practical application and causing students to focus on getting a specific grade to win the money.
Equally suspicious, some Biola students and faculty expressed their concern from a Christian standpoint.
“For us as believers, it is not the proper motivation,” said professor David Talley. “Our ultimate motivation should be to be the best possible stewards to the glory of God rather than personal benefit.”
“I don’t think Biola would let that happen here because of their values and our foundation,” said freshman Adam Lacanilao. “I think it’s a very interesting idea though, and a very creative thing to do, but I wouldn’t do it. I know I might get tempted to do it solely based on the money.”
Let us know: Would you use Ultrinsic?
