Jan 22, 2014

March Madness could make you a billionaire this year

nothing specifically Jewish or Israeli about this, but I know so many people who get excited about "March Madness" that I felt it important to give them this opportunity to make some money off it...

Billionaire Warren Buffet, with Quicken Loans, is offering a prize of $1,000,000,000 - that's 1 billion dollars - to the person who fills out the entire bracket of March Madness perfectly. And if there is no perfect bracket submitted and no winner of the billion dollar prize, then 2 million dollars will be split among the top 20 brackets filled out - each will get $100,00, but only for use in buying, remodeling or refinancing a home.

Forbes says the odds of winning are 1 in 4,294,967,296, while Business Insider says the odds are 1 in 9.2 quintillian. You can check out the Forbes article for all the tax details of such a windfall. It is going to be free to enter the contest, so despite the bad odds there is no risk in trying - worse odds than playing the lottery but less risk.

Only one entry per household will be allowed, and entry will be possible from March 3rd. See the Quicken Facebook page for more details..

Start studying up now on the teams so you will be ready when March comes rolling around...



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3 comments:

  1. There may be "no risk" in entering the contest, but the expected return may well be negative, if the time filling out the bracket takes away from time one could be developing one's skills (presumably leading to advancement) at work or business. Even if one is unemployed, taking time away from the job search may lead to a negative expected return.

    ReplyDelete
  2. The odds are not accurate, as they are based on the asumption that every game is a toss up. The real odds are probably closer to one in a trillion, so it should be a cinch.

    ReplyDelete
  3. It's only available to US residents so we're out :-(

    ReplyDelete

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