Think you can guess the winners of all 67 games in this spring’s NCAA men’s basketball tournament?
Warren Buffett is betting a fortune that you can’t.
In what may be the largest sports bet in history, Buffett’s Berkshire Hathaway Inc. will pay $1 billion to the person who correctly guesses the winner of every game during the March Madness classic.
Quicken Loans Inc., the contest sponsor, is paying an undisclosed premium to Buffett for his promise to pay the winner — if there is one.
“This will be the most fun. Just imagine if there’s one person left at the last game,” Buffett said Tuesday. “I will go to that final game with him or her and I’ll have a check in my pocket…. I think we’ll be rooting for different teams.”
The odds of correctly forecasting 67 games are extraordinarily thin. Even a skilled handicapper would have about a 1-in-1-billion chance of completing a perfect bracket, said Ezra Miller, a Duke University mathematics professor.