Think you can guess the winners of all 67 games in this spring's NCAA men's basketball championship tournament?
Warren Buffett is betting a fortune that you can't.
The Omaha investing guru is insuring a Quicken Loans promotion that will award $1 billion (yes, with a B) to anyone who can correctly guess the winners of every game of this spring's NCAA men's basketball championship tournament.
Detroit-based Quicken, the nation’s fourth-largest mortgage lender, and Buffett's Berkshire Hathaway will pay the prize in 40 annual installments of $25 million. The winner can elect to receive an immediate lump payment of $500 million.
“We’ve seen a lot of contests offering $1 million for putting together a good bracket, which got us thinking, 'What is the perfect bracket worth?' We decided $1 billion seems right for such an impressive feat,” said Jay Farner, Quicken's president and chief marketing officer. “It is our mission to create amazing experiences for our clients. This contest, with the possibility of creating a billionaire, definitely fits that bill.”
Quicken did not say how much it is paying Buffett to insure the top prize. So, what does Quicken get from this? Millions of email addresses to use in future marketing efforts -- and a ton of exposure. The company is limiting the contest to 10 million entrants.