Warren Buffett, Quicken Loans will pay $1 billion for perfect March Madness bracket - The Explorer: Sports

Warren Buffett, Quicken Loans will pay $1 billion for perfect March Madness bracket

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Posted: Wednesday, January 22, 2014 10:11 am | Updated: 10:28 am, Wed Jan 22, 2014.

Now this is a sports bet.

Berkshire Hathaway, the company owned by Warren Buffett, will pay $1 billion to the person who correctly predicts the winner of every game during March Madness. In exchange for his promise to pay up, Quicken Loans is paying Buffett a premium that neither man would disclose. (“Dan would say it’s too much, I would say it’s too little,” Buffett said.)

“This will be the most fun. Just imagine if there’s one person left at the last game,” Buffett said Tuesday. “I will go to that final game with him or her and I’ll have a check in my pocket…. I think we’ll be rooting for different teams.”

Buffett said he pitched the idea of insuring a perfect bracket to Dan Gilbert, the Quicken founder and Cleveland Cavaliers owner, last fall and the contest was announced Tuesday. It opens March 3 to the first 10 million households that sign up online. The winner can take 40 annual payments or a $500 million lump sum. Multiple winners would split the dough. In addition, Quicken will offer $100,000 each to the 20 most accurate brackets, to be used for buying, refinancing or remodeling a home. Quicken will run the contest and Berkshire Hathaway will provide security.

Good luck. If it seems like a good idea to bet against the Oracle of Omaha — and we aren’t talking Peyton Manning here – think again. He didn’t amass $1 billion 58 times (according to Forbes) by being a patsy. He certainly wasn’t in 2003, when he backed a Pepsi-sponsored $1-billion contest involving numbers inside bottle caps. A monkey drew the final numbers and … there was no winner. Despite those “you may already be a winner” envelopes and Lloyd Christmas’s philosophy of “So you’re telling me there’s a chance,” there really is virtually no shot. Unlike Woody Grant, you’re not even going to get a “Prize Winner” cap. The contest rules for the Billion Dollar Bracket Challenge note that the odds of winning 1 in 4,294,967,296.

Not that he will, but Buffett is prepared to pony up the kale. “We’ve lost more money in a given event before,” Buffett said. “Hurricane Katrina probably cost us $3 billion. We will put more at risk in a given insurance transaction than anyone in the world. But we have more capital than anyone in the world.”

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Tuesday, September 16

Boys Golf (@ 3 p.m.)

Buena, Cienega at Marana

Mountain View, Ironwood Ridge, Catalina at Amphi (Silverbell GC)

Catalina Foothills, Pueblo, Sahuarita at Sahuaro

Girls Volleyball (Fr 4 p.m., JV 5 p.m., Var 6 p.m. unless otherwise noted)

Mountain View at Rio Rico

Ironwood Ridge at Glendale Ironwood

Swimming (@4 p.m.)

Pusch Ridge, Sahuarita at Desert Christian

Wednesday, September 17

Girls Golf (@ 3 p.m.)

Rincon at CDO

Ironwood Ridge, Desert View at Flowing Wells (Silverbell)

Cross Country (@4:30)

Salpointe at Catalina Foothills

Palo Verde, Nogales at Marana

Rincon, St. Gregory at CDO

Sahuarita, Pueblo, Pusch Ridge at Desert View

Girls Volleyball (Fr 4 p.m., JV 5 p.m., Var 6 p.m. unless otherwise noted)

Empire at Marana (4:30, 5:30, 6:30)

CDO at Queen Creek

Cienega at Mountain View

Sahuaro at Catalina Foothills

Walden Grove at Pusch Ridge

Thursday, September 18

Girls Golf

CDO, Ironwood Ridge at Phoenix Aguila Invitational (all day)

Boys Golf

Sahuaro and Salpointe at Ironwood Ridge

CDO, Rincon, Sunnyside at Tucson High

Girls Volleyball (Fr 4 p.m., JV 5 p.m., Var 6 p.m. unless otherwise noted)

Marana at Sahuarita

Ironwood Ridge at Sahuaro (4:30, 5:30, 6:30)

Catalina Foothills at Rincon

Pusch Ridge at San Manuel

Swimming (4 p.m.)

Marana vs. Tucson at Quincy Douglas Pool

Cienega at Marana

CDO, Ironwood Ridge at Amphi

Catalina Foothills at Sahuaro

Freshman Football (all games at 6 p.m. unless otherwise noted)

Flowing Wells at Marana (4 p.m.)

Desert View at Mountain View

Cienega at CDO

Ironwood Ridge at Buena

Catalina Foothills at Sahuarita

JV Football (all games at 6 p.m. unless otherwise noted)

Amphi at Marana

Santa Cruz Valley at Pusch Ridge

Mountain View at Desert View

CDO at Cienega

Buena at Ironwood Ridge

Sahuarita at Catalina Foothills

Friday, September 19

Boys Golf

Catalina Foothills, Ironwood Ridge, CDO, at Phoenix Aguila Invitational (all day)

Cross Country

Mountain View, Ironwood Ridge at Mt. Carmel Invitational (San Diego, CA)

Girls Volleyball

CDO at Westwood Tournament of Champions

Football (@7 p.m.)

Pusch Ridge at Santa Cruz Valley

Catalina at Marana

Desert Vista at Mountain View

Ironwood Ridge at Buena

Cienega at CDO

Catalina Foothills at Sahuarita

Saturday, September 20

Boys Golf

Catalina Foothills, Ironwood Ridge, CDO, at Phoenix Aguila Invitational (all day)

Cross Country

Marana at Old Pueblo Invite(Lincoln Park)

Mountain View at San Diego

Catalina Foothills, CDO at Ojo Rojo (Chandler, AZ)

Swimming

Marana at Wolves Classic (Chandler High)

Girls Volleyball

CDO at Westwood Tournament of Champions

 

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