Warren Buffett Offering $1 Billion For Perfect March Madness Bracket

by NESN Staff

January 21, 2014

APTOPIX NCAA Final Four Wichita St Louisville BasketballBillionaire Warren Buffett wants someone to join his club.

Buffett’s Berkshire Hathaway has teamed up with Dan Gilbert‘s Quicken Loans to give $1 billion to anyone who fills out a perfect 2014 NCAA men’s basketball March Madness bracket, according to Business Insider.

The prize payouts will be divvied into 40 annual payments of $25 million, and if more than one person wins, they’ll have to share the money. The winner(s) also has the option to take (or split up) an immediate lump sum payment of $500,000.

“It is our mission to create amazing experiences for our clients. This contest, with the possibility of creating a billionaire, definitely fits that bill,” Quicken Loans president Jay Farner said in a statement. “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.”

Those who miss having a perfect bracket by a game or two also have a chance to win something, according to Business Insider. Quicken Loans will give $100,000 each to the owners of the contest’s 20 most accurate but imperfect brackets. The money would go specifically toward buying, refinancing or remodeling a home. Quicken Loans will also donate $1 million to inner-city Detroit and Cleveland nonprofit organizations.

The odds are stacked against entrants — they are about one in 9.2 quintillion, according to Yahoo! Sports — but the contest is free to enter, so why not?

The contest starts March 3, and March Madness kicks off March 18.

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