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) 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.

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