Warren Buffett Backs $1 Billion Prize for Perfect March Madness Bracket

A new contest from Quicken Loans makes Powerball look like small change.

The financial services brand is offering $1 billion to the person who completes a perfect bracket in this year's NCAA March men's college basketball championship. Warren Buffett's Berkshire Hathaway will insure the prize. Anyone who completes that feat will get their cash in 40 annual installments of $25 million. If you can't wait, you can get $500 million in a lump sum.

However, as USA Today recently noted, the odds of actually completing a perfect bracket are 1 in 9.2 quintillion. You would have a better chance of hitting four holes-in-one in a single round of golf. Alternatively, if everyone in the U.S. filled out a bracket, there would be a perfect one every 400 years Read more...