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.
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.
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