Amazing idea from a group of Auburn University track and field alums who have figured out a legal way to bet on Olympic athletes, it’s called Charity Bets.

Here’s how it works: Select from a roster of Olympic hopefuls or friends who’ve agreed to have their performance be bet on and all money wagered will go to the charity of the athlete’s choice.

It’s a first of its kind concept that’s already generating a lot of attention as the London 2012 Summer Games draw closer. And yes, it’s gotten the ‘thumbs-up’ so-to-speak, from the United States Olympics Committee: “On the surface, it seems to be a site dedicated to helping charities raise money, which we would obviously have no problem with,” USOC spokesman Patrick Sandusky said.

Four-time U.S. running champion who competed at the 2004 Olympic Games-Khadevis Robinson- has agreed to participate, allowing bets to be placed on whether or not he earns a spot at qualifying trials in Oregon in June.

“It would be nice if no one bet against me, but no matter what—for or against—it’s the same motivation because I know people are involved in my performance,” Robinson said. “The Boys & Girls club in Fort Worth, Texas, helped me out a lot growing up. I didn’t have much, and I really depended on that place to keep me focused. I feel like it’s almost something I couldn’t turn away from if I had the chance, and it’s innocent betting.”

CNN gives a great example: You could bet any amount (say, $75) that Khadevis will make the team or that he’ll go “over.” Or, you can bet any amount (say, $10) on the “under,” meaning he won’t make the team. If Khadevis qualifies, all $75 goes to his charity, the Boys & Girls Clubs of America. If he has a bad day, his charity will get only the amount you wagered against him.

Athlebrities will have much more information about Charity Bets in the upcoming weeks. In the meantime, check out their site, start your own fundraiser around a run, swim, or athletic event you’re participating in and start earning money for your chosen charity.

CharityBets.com Mission: Our mission is to revolutionize the way people fundraise, the experience of donating, and the relationship between a fundraiser and donor. The spirit of competition and the desire to be great – to make a difference – are characteristics at the core of every great society and the people who make it a success. CharityBets harnesses this spirit, passion, and commitment by creating an inspiring environment for people determined to maximize their contribution to improving the world.

As always, thanks for reading~
delinda@athlebrities.com

*Note: Athlebrities™ is NOT associated with E! Entertainment Television’s on-line ‘Athlebrity Zone’ or ‘Athlebrity Madness’. Their use of my legally protected company name is without my consent and constitutes a direct, well-documented theft of my intellectual property.