Warren Buffett is partnering with Cleveland Cavaliers owner Dan Gilbert to offer $1 billion to anyone who fills out a perfect bracket for the 2014 men’s “March Madness” college basketball tournament.
Buffett’s Berkshire Hathaway and Dan Gilbert’s Quicken Loans will pay out the prize in “40 annual installments of $25 million. If there’s more than one winner they’ll have to share. The winner or winners can also take or split up an immediate $500 million lump sum payment.”
“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 will also “award $100,000 each to the contest’s 20 most accurate ‘imperfect’ brackets submitted by qualified entrants in the contest to use toward buying, refinancing or remodeling a home. Quicken will also donate $1 million to inner-city Detroit and Cleveland non-profit organizations.”
Entrants have a 1 in 9.2 quintillion chance to win the $1 billion prize.
The contest begins on March 3rd and “March Madness” begins on March 18.