Warren Buffett's basketball competition with $1bn prize

Reported by AAP
Wednesday, January 22, 2014
Warren Buffett
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Billionaire investor Warren Buffett will pay one person $1bn if he or she can predict the winner of every game in this year's men's college basketball championship tournament.

Buffett — one of the richest people on the planet — has teamed up with a US mortgage lender to offer one person $1bn if they can correctly predict the winner of every game in this year's men's college basketball championship tournament. That's a staggering 67 games to guess the scorelines of.

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The winner of the competition can choose to have the $1bn prize paid in 40 annual installments of $25m or receive an immediate $500m lump sum.

"We've seen a lot of contests offering a million dollars for putting together a good bracket [picking the winners], which got us thinking, what is the perfect bracket worth? We decided a billion dollars seems right for such an impressive feat," said Jay Farner, president of mortgage lender Quicken Loans.

"It is our mission to create amazing experiences for our clients. This contest, with the possibility of creating a billionaire, definitely fits that bill."

In addition, Quicken Loans will award $100,000 each to the 20 people who get closest to the correct results, but they must put this money towards property investment.

"Millions of people play brackets every March, so why not take a shot at becoming $1bn richer for doing so," said Mr Buffett, chief executive of Berkshire Hathaway, who is insuring the contest's grand prize.
"While there is no simple path to success, it doesn't get much easier than filling out a bracket online. To quote a commercial from one of my companies, I'd dare say it's so easy to enter that even a caveman can do it."

06/03/2015 14:54Sydney, Australia. 6 March,2015