Warren Buffett Will Give You $1 Billion If You Fill out a Perfect March Madness Bracket

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Jan. 21 2014 11:52 AM

Warren Buffett Will Give You $1 Billion for the Perfect March Madness Bracket

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You have a 1 in 9.2 quintillion chance of winning!

Photo by NICHOLAS KAMM/AFP/GettyImages

This post originally appeared in Business Insider.

Warren Buffett's Berkshire Hathaway and Dan Gilbert's Quicken Loans are partnering to award $1 billion to anyone who fills out a perfect 2014 Men's NCAA Tournament bracket.

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The prize will be paid out 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. He added: "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."

In addition to the grand prize, Quicken will 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 nonprofits. Quicken is based in Detroit, but Gilbert owns the Cleveland Cavaliers and the city's Horseshoe Casino.

The odds are not ideal—a 1 in 9.2 quintillion chance. But it costs nothing to fill out, so you should probably do it. The contest starts March 3, and March Madness kicks off March 18.

Rob Wile is a reporter at Business Insider. Follow him on Twitter.

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