Markets in Everything: Betting on Grades
Inside Higher Ed -- "Ultrinsic, which is one year old and still in its beta phase, invites college students to make bets on whether they can make or exceed a certain grade in a course. If a student makes the grade, Ultrinsic pays him according to the calculated handicap; if not, the student pays the company."
Chronicle of Higher Education -- "A Web site called Ultrinsic tries to make the rewards of studying more immediate. Students can make a small bet on how well they'll do in a course, with a starting limit of $25 on how much they can earn. The students contribute a chunk of the money, and Ultrinsic puts up the rest. If they make the grade, they win it all. If they don't, the students lose what they put in. And the higher students set their sights for their own academic performance, the bigger the payoff."
See also Marginal Revolution.