University of Michigan student Matt Biske says he’d put money on his ability to make the grade.

And this fall, the junior studying biology can do just that and parlay his academic prowess into cash.

Ultrinsic, a New York-based website, is taking students’ wagers on their own grades.

University of Michigan students can bet on their grades.

The site, founded by two Queens College graduates, was available to University of Pennsylvania and New York University students last school year. It’s now expanded to students from 36 campuses, including U-M.

“I would do it in a heartbeat. Why not?” Biske said. “I think that - who knows me better than myself? I know what I’m capable of.”

Ultrinsic CEO Steven Wolf, 27, said for students to earn cash, they have to register and upload their schedules to grant the site access to school records. The site calculates the odds based on the student’s college history and available information on the difficulty of the class, among other factors. The student then decides which bet to place. Bets are capped at $25 and increase with use.

“If you’re a B student who bets to get an A, you’ll probably double your money,” Wolf said.

U-M officials aren't ready to weigh in on the website yet.

“We know so little about this effort that it would be premature to comment,” spokesman Rick Fitzgerald said in an e-mail.

Kriste Nemanis, a U-M senior studying neuroscience, was cautious about the idea of betting on Ultrinsic. She said she'd be concerned about what the site did with her personal information.

“But other than that, it sounds like a really good idea,” Nemanis said while studying at Starbucks Wednesday. “I’d have to read into it a bit more to see what they’re doing with our information.”

A company official said the information isn't sold to any third party and remains in a database.

Is the site legal?

Wolf said gambling lawyers vetted the company and concluded it's legal because it involves the element of skill.

But using the website still might not be the best idea, according to the Better Business Bureau. No complaints have been filed about Ultrinsic LLC, but a BBB spokesperson said online sites that involve cash generally raise a red flag.

Wolf maintains it's a legitimate business and a good incentive for students to make the grade.

"The students have 100 percent control over it, over how they do.” he said. “Other people's stuff you bet on -- your own stuff you invest in. Everything's true about it. I'm just trying to say that the underlying concept is a little bit more than just making a bet -- it's actually an incentive."

The Associated Press contributed to this report.

Juliana Keeping is a higher education reporter for AnnArbor.com. Reach her at julianakeeping@annarbor.com or 734-623-2528. Follow Juliana Keeping on Twitter