The group says it's looking good for Keeton.
The bookies at youwager.com say there is a 75 percent chance ASU will lose the suit and a 67 percent chance ASU will reverse its position and allow Keeton to complete her counseling degree.
There is only a 9 percent chance that Keeton will alter her religious beliefs in order to graduate.
Spokeswoman Sweta Shah said the odds makers consider several criteria when veering away from the traditional sports betting.
The criteria for posting a bet are: Is there a clear outcome? Is it an interesting topic? Is it a national issue everyone could find out about? Is there some ambiguity to the outcome?
"The offbeat stuff sends a lot of people our way that might otherwise not be interested in betting," Shah wrote in an e-mail. "In this case, the issue is polarizing with people siding with both parties. That makes for a good bet ... after that you just go with your gut and add in a little commission in case you're wrong."