Warren Buffett Offers $1 Billion For Perfect March Madness Basketball Bracket

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Warren Buffett Offers $1 Billion For Perfect March Madness Basketball Bracket

Via Slate reports:

Warren Buffett‘s Berkshire Hathaway and Dan Gilbert’s Quicken Loans are partnering to award $1 billion to anyone who fills out a perfect 2014 Men’s NCAA Tournament bracket.

The prize will be paid out in 40 annual installments of $25 million. If there’s more than one winner, they’ll have to share. The winner or winners can also take or split up an immediate $500 million lump sum payment.

“It is our mission to create amazing experiences for our clients. This contest, with the possibility of creating a billionaire, definitely fits that bill,” Jay Farner, President and Chief Marketing Officer of Quicken Loans, said in a statement. He added: “We’ve seen a lot of contests offering a million dollars for putting together a good bracket, which got us thinking, what is the perfect bracket worth? We decided a billion dollars seems right for such an impressive feat.”

In addition to the grand prize, Quicken will award $100,000 each to the contest’s 20 most accurate “imperfect” brackets submitted by qualified entrants in the contest to use toward buying, refinancing or remodeling a home. Quicken will also donate $1 million to inner-city Detroit and Cleveland non-profits. Quicken is based in Detroit, but Gilbert owns the Cleveland Cavaliers and the city’s Horseshoe Casino.

The odds are not ideal—a 1 in 9.2 quintillion chance. But it costs nothing to fill out, so you should probably do it. The contest starts March 3, and March Madness kicks off March 18.

Will you be filling out a bracket this year?

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