Warren Buffet Backs Billion Dollar March Madness Challenge
Wow. This will be the most entered contest ever. Think of how nuts people go when the lottery gets big.
Check it out:
Financial guru Warren Buffet’s company, Berkshire Hathaway Inc., is insuring the colossal prize that would go to someone who successfully picks all 64 team brackets in the NCAA men’s basketball tournament –- a feat so complex that the company is betting $1 billion it won’t happen.
The prize is being offered by Detroit-based Quicken Loans Inc., the nation’s fourth-largest mortgage lender, and would be doled out in 40 annual installments of $25 million, unless the winner opts for a single lump-sum payment of $500 million.
“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?” Jay Farner, president and chief marketing officer of Quicken Loans, said in a statement. “We decided a billion dollars seems right for such an impressive feat.”
The NCAA’s single-elimination men’s basketball tournament, known as “March Madness,” is one of the country’s most-watched sports events and consists of 68 teams, which narrows to 64 teams after the four play-in games.
Runner-up prizes of $100,000 for picking the tournament’s top 20 most accurate “imperfect brackets” will also be given to up to 20 entrants for them to remodel or refinance their home, company officials said.