Warren Buffett $1 Billion Bet: Famed Financial Wizard Will Give You $1B For A Perfect March Madness Bracket

 @GP_IBTimes
on January 24 2014 12:23 PM

Known for his impeccable business acumen and his vast wealth, Warren Buffet will help enshrine one lucky college basketball fan into the world’s exclusive billionaires club.

The Berkshire Hathaway CEO and No. 4 richest man in the world with $53.5 billion to his name according to Forbes, is teaming up with Dan Gilbert’s Quicken Loans to award $1 billion to anyone who fills out a perfect bracket in the upcoming March Madness tournament.

The money won’t actually come from Buffet’s deep pockets, as Berkshire Hathaway will act as the contest’s insurer.

The grand prize will be paid out in $25 million installments over 40 years, or a one-time lump sum of $500 million, according to Quicken’s official Facebook page.

While the prize money should bring plenty of contestants to the table, the odds of actually filling out a perfect bracket are one in 4,294,967,296. Fox Sports indicated it would technically be easier for an NFL team to post five straight 16-0 seasons, for someone to get struck by lightning twice in the same year, for a high school player to make it to the NBA, and for a poker player being dealt a royal flush in the first five cards than it is to flawlessly predict the always unpredictable NCAA Tournament.

For those who come close to perfection but not quite reach the mark, Quicken will hand out 20 $100,000 prizes that can go explicitly to the purchase, financing, or remodeling of a home.

Basketball fans know Gilbert best as the owner of the NBA’s Cleveland Cavaliers, and his company will also donate $1 million to non-profit organizations serving inner-city Detroit and Cleveland.

Would be participants and veteran college hoops pool players know predicting the winner of the 68-team deep field many times comes down to luck. However, the odds favor deep runs from No. 8 Kansas (4/1), No. 3 Michigan State (5/1), No. 1 Arizona (6/1), No. 14 Kentucky (8/1), and No. 2 Syracuse (8/1), according to the latest numbers from betting news site Vegas Insider.

Qualified teams and their seeding in the tournament will be announced on Sunday, March 16, with the first round beginning on March 18 in Dayton, Ohio.

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