DETROIT, March 3, 2014 /PRNewswire/ -- Detroit-based Quicken Loans, the nation's third largest mortgage lender, today announced it has teamed with Yahoo Sports as the technology provider for the now named 'Quicken Loans Billion Dollar Bracket Challenge with Yahoo Sports' contest. Yahoo Sports designed the online bracket experience and will host the exclusive destination ( www.quickenloansbracket.com) for the challenge as college basketball fans take their shot at becoming America's next billionaire. "Millions of people are getting ready to enter the 'Quicken Loans Billion Dollar Bracket' challenge," said Dan Gilbert, Founder and Chairman of Quicken Loans. "When you are putting on a nationwide contest of this size, it's important to work with the best partners to ensure its success. Yahoo Sports and their bracket technology is second to none. We are confident they will deliver a billion dollar-like experience." "We are excited to team up with Quicken Loans and Warren Buffett to give fans the chance to win a billion dollars using all of the information, tools and services available from Yahoo Sports," said Ken Fuchs, VP and head of Yahoo Sports, Yahoo Finance and Product Partnerships. "There is even more at stake this year, and Yahoo Sports is the perfect place to get expert advice and data to help sports fans pick the perfect bracket." Quicken Loans has also increased the maximum number of contest entries to 15 million and will now allow one entry per person, instead of limiting the entries to one entry per household as was initially announced. The contest also now permits U.S. residents age 18 years and older to participate (expanded from the previously announced 21 years old and up). Through the Quicken Loans Billion Dollar Bracket Challenge with Yahoo Sports, all qualified entrants who accurately predict the winners of all 63 games in the college men's basketball tournament will share a $1 billion prize paid in 40 annual installments of $25 million. Alternatively, the winner(s) may elect to receive their share of an immediate $500 million lump sum payment. In addition to the potential billion dollar 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 has committed $1 million to charities in the Detroit and Cleveland markets to aid in urban youth education initiatives as part of the roll-out of the Billion Dollar Bracket Challenge with Yahoo Sports. "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. "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."