To sign up for an account, students must share their schedules and transcripts with the website. Then, the gambling starts.
After deciding how well they expect to do in a course, students contribute money towards an “incentive,” while Ultrinsic coughs up the rest. If they get the grade they expected, then they win the full incentive. If not, they lose it all.
(And for cynics and underachievers among us, the website also offers grade insurance.)