( CNN ) -- There are few topics in sport more taboo than betting . Ask baseball 's Pete Rose . But a new organization is wagering that it 's not only possible to openly bet on Olympic athletes , you can raise money for charity at the same time . Charitybets.com , founded by Auburn University track and field alums , allows anyone to select from a roster of Olympic hopefuls who 've agreed to let their performance be bet on . All money wagered will go to the charity of the athlete 's choice . It 's a first of its kind concept that 's sure to generate attention as the summer London 2012 Games draw closer . It appears to have no opposition . Even the United States Olympics Committee thinks the idea is not betting , technically , and would n't fly in the face of Olympic rules . `` 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 . When Khadevis Robinson agreed to participate , the four-time U.S. running champion who competed at the 2004 Olympic Games spent a long time doing his homework about the organization . `` The more I learned about this idea , it just seemed like a win-win , '' he said . Starting in June , anyone can bet on whether Robinson will score a spot at the Olympics when he competes at qualifying trials in Eugene , Oregon . Here 's how it works : You could bet any amount ( say , $ 75 ) that Khadevis will make the team or that he 'll go `` vver . '' Or , you can bet any amount ( say , $ 10 ) on the `` under , '' meaning he wo n'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 . Do n't feel like betting anything if he does n't make it ? Put a zero in that `` under '' wager box . `` 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 did n't have much , and I really depended on that place to keep me focused . I feel like it 's almost something I could n't turn away from if I had the chance , and it 's innocent betting . '' Other Olympic hopefuls who 've signed up with Charitybets.org include sprinter Walter Dix , who finished second to Usain Bolt in the 100 and 200 meters in world championships this summer , and runner Justin Gatlin , who took gold at the 2004 Olympics . Gamblers will be able to bet whether they 'll make the Olympic trials in Oregon as well , Charitybets co-founder Dave Maloney said . The 32-year-old started Charitybets with Marc Hodulich , 31 , a fellow former Auburn track teammate ; both are the sons of breast cancer survivors . After graduation , the two took jobs in New York and worked with a lot of Wall Street go-getters with well-worn gym memberships who did triathlons and other weekend amateur events . They began brainstorming about how to inspire pros and weekend warriors to raise money for worthy causes . The friends started Charitybets in November . The first competitor who signed with them was Michael Stember , a former NCAA All-American runner from Stanford University who represented the U.S. at the 2000 Olympics in Sydney . Stemper is a retired runner but agreed to run a Thanksgiving 5K last year to raise money for a charity he selected . `` We saw from Michael that we had interest and concept that worked logistically , '' Maloney said . `` Naturally , we wanted to take it to the biggest playing field possible . '' 2004 Olympic silver medalist Meb Keflezighi worked with Charitybets in January before competing at U.S. marathon trials in Houston . Keflezighi set a place-based goal . The over/under on him was based on whether he finished the marathon in the top three . The 36-year-old won the trial with a time of 2:09:08 , setting a personal best by 5 seconds . He signed up with Charitybets about two weeks before competing . Few people knew about it , but he still raised $ 1,000 for the Meb Foundation , which promotes health and fitness , according to his brother and manager , Merhawi Keflezighi . The American distance star is considering teaming again with Charitybets at the London games . `` Anytime you can get spectators to invest in the race , in any way , it 's exciting , '' Merhawi Kaflezighi said . `` Once people understand the idea , I ca n't imagine anyone not getting behind it . ''
It lets anyone bet on an Olympic athlete 's performance . All money wagered goes to a charity that the competitor has chosen . Former Olympics champion Khadevis is among athletes involved .