A new website making headlines in the United States is allowing college students to bet on the grades they will receive.

And while you may be thinking that it's a rather odd subject for betting on, the website's founders say it will actually encourage students to aim for higher achievements.

The site, Ultrinsic.com, takes bets from students on whether they will reach or better a certain grade, with a minimum bet of $25.

How It Works

The method is unique. Students must upload their schedule, and the website then formulates odds of obtaining specific grades based on data about the difficulty of the classes and the professors.

Students must then pick which grade they think they will achieve, with their final collect depending on whether they reach the target or now.

In addition, they can also buy "grade insurance," which is a bet on whether they will fail a class.

Launched last year at the University of Pennsylvania and New York University, Ultrinsic has expanded this year to take bets from students from 36 different tertiary institutions across the United States.

The website has been criticized by professors and by national education groups who say that it could encourage cheating or an unhealthy obsession with letter grades.

However, the website's co-founder Jeremy Gelbart contends that students will do better because it gives them an immediate incentive.

Right or wrong, one thing is for certain: students across the United States will be taking a greater interest in their studies than they were previously.