Billionaire investor Warren Buffett is willing to bet a handsome sum that you can’t fill out a flawless March Madness bracket.
The Berkshire Hathaway CEO, along with Cavaliers owner and Quicken Loans founder Dan Gilbert, are offering up a $1-billion reward for a perfect bracket for this year’s NCAA men’s basketball tournament.
According to Business Insider, the $1 billion would be paid out in 40 annual installments of $25 million, or one lump sum of $500 million. If two or more contestants fill out a perfect bracket, the prize will be split between them.
But don’t get your hopes up. The odds of filling out a perfect bracket are one in 9.2 quintillion (9,223,372,036,854,775,808), although that figure drops when you factor in the odds of top seeds, injuries, and a number of other probabilities.
“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?” Quicken Loans president and Chief Marketing Officer Jay Farner said in a statement. “We decided a billion dollars seems right for such an impressive feat.”
Although the chance of winning is virtually impossible, Quicken Loans is offering a consolation prize of $100,000 to 20 contestants with the least busted bracket.
The contest is free of charge but only open to U.S. citizens – sorry Canada — who are 21 and older.
