Warren Buffett’s Berkshire Hathaway and Dan Gilbert’s Quicken Loansare partneringto award anyone who fills out a perfect 2014 Men’s NCAA Tournament bracket with $US1 billion.
The prize will be paid out in 40 annual installments of $US25 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 $US500 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 $US100,000 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 organisations. 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 3rd. “March Madness” kicks off March 18.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.