NEW YORK (TheStreet) -- Warren Buffett's name should be familiar to investors around the world, as the CEO of Berkshire Hathaway (BRK.A - Get Report) and one of the premier stock investors of the last 100 years. Buffett's net worth sits around $58.5 billion and he continues to donate large amounts of his wealth to charity. The latest move by Buffett may just make you a billionaire.
Warren Buffett is teaming up with Quicken Loans to offer $1 billion to anyone who can fill out a perfect "March Madness" bracket.
Every March, college basketball teams compete in "March Madness" to crown the NCAA Champion for the sport. People across the country compete in office pools and online contests through selecting the winners of every game. The new challenge from Buffett and Quicken Loans puts a true value on the unlikelihood of winning.
USA Today reports that the overall odds of completing a perfect bracket are 1 in 9.2 quintillion, a number that sounds unreal. However, a math professor at DePaul actually calculates the odds at 1 in 128 billion, if contestant factors in several items, including an unprecedented event like a #16 seed ever beating a #1.
The overall winner will receive $1 billion, which can be taken as a lump sum of $500 million or 40 annual installment payments of $25 million. Quicken Loans is also awarding $100,000 to each of the 20 best "imperfect" brackets. The catch is the $100,000 has to be put towards buying, refinancing, or remodeling a house.Users can register through Quicken Loans' Facebook (FB) page by March 3 to receive the bracket when the field is announced. The contest is open to Americans 21 or older and limited to the first 10 million registers users. Unlike buying a lottery ticket, this contest is free and also doesn't even requiring leaving the couch. While the overall odds to win any of the prizes is low, investors should recognize the "no risk risk, high reward" opportunity and fill out a bracket.
At the time of publication, the author held no positions in any of the stocks mentioned. Follow @chriskatje This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.
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