Website lets college students gamble on grades

So students can place bets to whether they'll get a high GPA or a low GPA (i.e. short-sell their own grades).

I'm going to find all the students that go to schools that grade on a curve and I'm going to take the opposite side of all those short-sell bets, package it into a derivative and sell that! I'll open a bunch of firms and call it "Ivy Street".

With all these prediction markets being opened up, with film companies hedging their movie scripts, I haven't looked but there's probably a market for betting on record sales. Who bets on these things? I can understand people with an edge (insiders etc), but how can there possibly be retail investors for these markets? Are stocks, bonds, mutual funds, options, futures, ETF's not enough to speculate with?

Heh, those guys are not too stingy wit the titles. The three founders are "CEO, COO and President".