Warren Buffett’s Berkshire Hathaway Inc. is backing a USD 1 billion prize offered by Quicken Loans Inc. if a contestant predicts the winner of each game in the NCAA March Madness basketball tournament.
The prize would be paid in 40 annual installments of USD 25 million and split among multiple winners if there is more than one perfect entrant. The winner also has the option of a single payment of USD 500 million.
The odds of picking every winner correctly in a 64-team bracket are less than 1 in 9 quintillion, according to Jeff Bergen, a math professor at DePaul University in Chicago. Even with some basketball knowledge, that only improves to about 1 in 128 billion, he said.
The contest is open to legal residents of 50 United States and DC, 21 or older and begins at 12:01 am EST on March 3 and ends at 12:00 pm EST on March 19. For updates and how to access the site on March 3, monitor this Facebook page.
In other Buffet news, he made USD 37 million a day in 2013 according to Wealth X, a wealth research firm.
rp Bloomberg, Bornrich