DETROIT, Jan. 21, 2014 /PRNewswire/ -- Detroit-based Quicken Loans, the nation's fourth largest mortgage lender, has joined forces with Warren Buffett and Berkshire Hathaway to offer a chance at a $1 billion prize for completing the perfect bracket in this March's men's college basketball championship tournament.
Any qualified entrant who correctly enters the contest and predicts the winners of every game in the tournament will share the total $1 billion prize paid in 40 annual installments of $25 million. Alternatively, the winner(s) may elect to receive an immediate $500 million lump sum payment or share in that lump sum payment if there is more than one perfect bracket submitted.
"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," said Jay Farner, President and Chief Marketing Officer of Quicken Loans. "It is our mission to create amazing experiences for our clients. This contest, with the possibility of creating a billionaire, definitely fits that bill."
In addition to the potential grand prize, Quicken Loans will award $100,000 each to the contest's 20 most accurate 'imperfect' brackets submitted by qualified entrants in the contest to use toward buying, refinancing or remodeling a home.In conjunction with the 'Billion Dollar Bracket Challenge', Quicken Loans will also be directly donating $1 million to inner-city Detroit and Cleveland non-profit organizations that are dedicated to improving the education of young Detroit and Cleveland residents. "Millions of people play brackets every March, so why not take a shot at becoming $1 billion richer for doing so," added Buffett, Chief Executive Officer of Berkshire Hathaway, who is insuring the contest's grand prize. "While there is no simple path to success, it sure doesn't get much easier than filling out a bracket online. To quote a commercial from one of my companies, I'd dare say it's so easy to enter that even a caveman can do it." Free registration for the 'Quicken Loans Billion Dollar Bracket' will begin on Monday, March 3 rd, 2014 and runs until Wednesday, March 19th, 2014. All participants registering prior to the tournament selection process will receive their brackets the evening of Sunday, March 16, 2014 when entrants can begin filling out their bracket. To be eligible for the $1 billion grand prize, entrants must be 21 years of age, a U.S. citizen and one of the first 10 million to register for the contest. At its sole discretion, Quicken Loans reserves the right and option to expand the entry pool to a larger number of entrants. Submissions will be limited to a total of one per household. All qualified entrants are eligible for the 20 1 st prize awards of $100,000 for selecting the competition's top 20 most accurate "imperfect" brackets. Full contest rules along with more information about 'Quicken Loans Billion Dollar Bracket' will be released and published in the days and weeks leading up to the men's collegiate March championship tournament.