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Warren Buffett, Cavs Owner Gilbert Offer $1 Billion For Perfect March Madness Bracket

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(Credit: NICHOLAS KAMM/AFP/GettyImages)

(Credit: NICHOLAS KAMM/AFP/GettyImages)

PHILADELPHIA (CBS) – Forget about that $10 office pool. Sure, there are 30 people in it, and the first place prize is $250. That’s chump change to Warren Buffett and Dan Gilbert.

Buffett, the billionaire investor, and Gilbert, owner of the Cleveland Cavaliers, are offering up $1 billion for a perfect NCAA Tournament bracket.

The giveaway is being done through the corporations of both men. For Gilbert, it’s Quicken Loans. For Buffett, it’s Berkshire Hathaway.

“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 release. “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.”

The winner will have to decide between receiving $25 million a year for the next 40 years, or a lump sum payment of $500 million. Not a bad pay day for something most Americans try every year anyway.

The billion dollar prize is open only to the first 10,000 people to enter, according to the Facebook post about it from Quicken Loans.

The odds, according to the official rules of the contest are 1:9,223,372,036,854,775,808. Piece of cake, right? The odds of winning the grand prize in Power 1:175,223,510, and the odds of getting hit by lightning once in your life are 1:6250.

The contest begins on March 3rd, and you can find out more about registering here.

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