CEDARHURST, N.Y. (WPIX)—One local politician is looking to put the kibosh on a latest campus craze, in which college students are looking to cash in on their grades by enrolling in an online site that offers up lots of money for their good marks.
Nassau County Legislator Dave Denenberg is calling upon Juluis Genachowski, Chairman of the Federal Communications Commission, State Attorney General Andrew Cuomo and Nassau County District Attorney Kathleen Rice to investigate a Cedarhurst-based company, "Ultrinsic Motivator, Inc," who are alleging operating an illegal gambling website involving 36 colleges and universities across the country -- including St. John's University.
Students can then place wagers on whether they will receive an A or B in a particular course or in several courses during a semester or during their entire college career. Students also have to the option to purchase "course insurance" or "semester insurance" if they believe they will fail a course or courses.
The site calculates student's odds based on previous transcripts and the difficulty of each class.
For example, if a student deposited $50 in their account, reaches their target grade, they double they earnings. However, if he doesn't make a good mark, he loses the money he initially deposited.
"In today's economy, recent college graduates are finding it harder and harder to secure jobs," said Denenberg. "Now, students will not only feel the pressure to succeed in school and to find a good job, but also to avoid gambling debts. Just the thought of encouraging kids to gamble on their grades should anger parents and kids."
So far, 600 people have signed up.
Denenberg is proposing that a law be enacted in Nassau County prohibiting wagering on scholastic grades and scores. Under the provision, scores from any school, college or university in Nassau County would be included.