This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Sixteen Remaining in Buffett-Backed Quicken Loans Billion Dollar Bracket Challenge

NEW YORK (TheStreet) - Sixteen people are still dancing in Quicken Loans Billion Dollar Bracket Challenge, the company said on Twitter around 4:45 p.m. ET. For the sweet 16 left with a perfect bracket as the first round of the NCAA mens college basketball tournament draws to a close, odds are low that anyone will collect the $1 billion being offered by Warren Buffett's Berkshire Hathaway (BRK.B - Get Report) for any perfect brackets.



In March, Detroit-based Quicken Loans, the nation's third largest mortgage lender said it would team with Yahoo! Sports on a challenge to share $1 billion among anyone filling out a perfect bracket.

That payout was offered by the insurance division of Berkshire Hathaway, the conglomerate run by Warren Buffett. Often called 'The Oracle of Omaha,' Buffett wasn't likely to make a payout.

"I have been astonished by the response to Quicken Loans' challenge, and the millions of people who have shown an interest in participating," Buffett said earlier in March. "While I wouldn't be thrilled to hand over a billion dollars, I think it will definitely add even more excitement to the college basketball tournament this year."

Odds of a winner are below one-in-a-trillion. Quicken Loans increased the maximum number of contest entries to 15 million earlier in March, given higher-than-expected demand.

In addition to the potential $1 billion grand prize, Quicken Loans will award $100,000 to each of the contest's 20 most accurate 'imperfect' brackets to use toward buying, refinancing or remodeling a home. The company also committed to give $1 million to charities in the Detroit and Cleveland markets, to aid in urban youth education initiatives as part of its Billion Dollar Bracket Challenge.

Currently, upsets of Duke University, Ohio State and New Mexico stand out as among the biggest bracket busters just over a day into the tournament.

-- Written by Antoine Gara in New York

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
BRK.A $212,982.00 -0.64%
BRK.B $140.70 -0.99%
AAPL $124.75 -1.13%
FB $80.78 -1.86%
GOOG $524.05 -1.83%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs