Summary Box: At Ultrinsic.com, students can bet on grades or buy insurance for failing

Summary Box: Ultrinsic lets students bet on grades

GAMBLING ON GRADES: Students at 36 U.S. universities can bet on grades through Ultrinsic.com, which says it’s an incentive to study harder — and skill makes it legal. Others say many factors, including chance, play a role.

HOW: Register, give Ultrinsic access to your records and — after it calculates odds based on your transcript, topics and other factors — choose a wager.

WHERE: Four Ivy League schools, Stanford and two University of California campuses are among schools added to the University of Pennsylvania and New York University, where students could bet last year. Three schools contacted didn’t comment.