Warren Buffet offers $1 billion to any AMERICAN w/ perfect March Madness bracket

[GreenLantern]

To our American Posters, god speed:

What’s a perfect March Madness bracket worth? In Warren Buffett’s mind, about $1 billion.


According to Rob Wile of Business Insider, Buffett’s company, Berkshire Hathaway, has teamed up with Cleveland Cavaliers owner and Quicken Loans founder Dan Gilbert to offer college basketball fans a shot at becoming a billionaire.


The offer is simple: If you fill out a flawless, twinkling NCAA men's basketball March Madness bracket—you win all the enchiladas. And by "enchiladas," I mean, $1 billion, to be "paid out in 40 annual installments of $25 million," as Wile notes.

Should a contestant manage this ridiculously unlikely feat (the chances of filling out the perfect bracket are one in 9.2 quintillion—a nine with 18 zeroes), the sum will be doled out in the aforementioned installments.

http://bleacherreport.com/articles/1...adness-bracket

[Robbob]

It is 1 billion not 1 million

[Coach]

Title says Million.

That is insane and awesome.

[GreenLantern]

Ya sorry that is supposed to be billion, not sure why I put that.

[lazypucker]

I wonder if like 50 people got it right, then Buffet will be bankrupt

[AMG_G]

I'm sure they have some insurance policy in place for just in case.

[burn_this_city]

Originally Posted by AMG_G

I'm sure they have some insurance policy in place for just in case.

Considering all the insurance and re-insurance companies he owns.

[You Need a Thneed]

Originally Posted by AMG_G

I'm sure they have some insurance policy in place for just in case.

Considering the extreme unlikliness, and the net worth of Buffett, I'm sure that he'll self insure.

[squiggs96]

Originally Posted by lazypucker

I wonder if like 50 people got it right, then Buffet will be bankrupt

Or the total doesn't change. From the article:

In the unlikely case of two winners filling out perfect brackets, the prize money would be split down the middle.

[Locke]

Gotta reinvigorate the American economy somehow. I guess Buffet's just the guy to do it.

[rayne008]

bah!

The contest is only open to U.S. citizens who are 21 and older

[You Need a Thneed]

Other places have offered $1 million before for having a perfect bracket, without having to pay anything to enter.

Let's consider the odds:

there are 68 teams in a single elimination tournament, so 67 games. Assuming equal odds for either team to win any game that's a 1 in 2^67 chance of having a perfect bracket. That's 1 in 147,600,000,000,000,000,000 (rounded). Factoring out the improbable outcomes probably take you down to 2^40 or 2^50. 1 in 2^40 is 1 in 1.1 trillion. You have a better chance of becoming a billionaire by randomly finding a billion dollars lying on the ground somewhere.

[Flash Walken]

Warren recently saw "The Hunger Games"

[Locke]

Originally Posted by Flash Walken

Warren recently saw "The Hunger Games"

I cant wait until he gets senile.

I can already envision hobos fighting to the death for....$1 BILLION dollars!!

[Nufy]

So after taxes you get enough for a happy meal ???

[squiggs96]

Originally Posted by Nufy

So after taxes you get enough for a happy meal ???

Yes. If a Happy Meal costs $600,000,000. You definitely need to make a billion dollars before you are able to eat at McDonalds.

[troutman]

Originally Posted by You Need a Thneed

Other places have offered $1 million before for having a perfect bracket, without having to pay anything to enter.

Let's consider the odds:

there are 68 teams in a single elimination tournament, so 67 games. Assuming equal odds for either team to win any game that's a 1 in 2^67 chance of having a perfect bracket. That's 1 in 147,600,000,000,000,000,000 (rounded). Factoring out the improbable outcomes probably take you down to 2^40 or 2^50. 1 in 2^40 is 1 in 1.1 trillion. You have a better chance of becoming a billionaire by randomly finding a billion dollars lying on the ground somewhere.

Thanks for doing the math.

The practical odds would be better, knowing that higher seeded teams usually advance (factoring out the improbable outcomes - ex. a 16 has never beat a 1).

[Russic]

According to this article the odds are actually 1 in 9.2 quintillion, but adjusted for there being a reasonable guess at some of the match ups, it's probably closer to 1 in 128 billion.

http://www.usatoday.com/story/gameon...llion/1999795/

Probably doesn't even need to waste time or money insuring that.

[Robbob]

Could you not get a computer program to create a bunch probable brackets and submit them? Might be worth the billion to some MIT student. You do have a month the prep

[Daradon]

^^^ I assume you only get to enter once.