Warren Buffett To Award $1 Billion For Perfect 'March Madness' Bracket
Buffett Teaming Up With Dan Gilbert To Offer Historic Prize
Talk about high-stakes gambling. There were reports this week of a $1 billion March Madness freeroll. In order to win that incredible sum, you’ll just have to fill out a perfect bracket. Obviously the odds are terrible. It’s reportedly 1 in 9.2 quintillion.
According to a press release, Dan Gilbert’s Quicken Loans has partnered with Warren Buffett and Berkshire Hathaway to dangle an incredible prize for basketball fans — well for anyone, really. The $1 billion prize would be paid in 40 annual installments of $25 million. Alternatively, the winner could elect to receive an immediate $500 million lump sum payment. If there was somehow more than one winner, the prize would be shared.
In addition to the potential grand prize, Quicken Loans will award $100,000 each to the contest’s 20 most accurate brackets to use toward buying, refinancing or remodeling a home.
“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. “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.”
Quicken Loans is using Berkshire Hathaway as the insurer for the $1 billion.
“Millions of people play brackets every March, so why not take a shot at becoming $1 billion richer for doing so,” Buffett, CEO of Berkshire Hathaway, said in a statement. “While there is no simple path to success, it sure doesn’t get much easier than filling out a bracket online.”
To be eligible for the $1 billion grand prize, entrants must be 21 years of age, a U.S. citizen and one of the first 10 million to register for the contest. Quicken Loans may expand the entry pool to a larger number of entrants. Submissions will be limited to one entry per household.
Registration will begin on Monday, Mar. 3 and run until Wednesday, Mar. 19. All participants registering prior to the tournament selection process will receive their brackets the evening of Sunday, Mar. 16. They can then begin filling out their brackets.
More information on the contest will be coming out in the following weeks.
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