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Buffett Backs $1 Billion Prize for Quicken Loans in NCAA Bet

Wednesday, 22 Jan 2014 10:05 AM

Warren Buffett’s Berkshire Hathaway Inc. is backing a $1 billion prize offered by Quicken Loans Inc. if a contestant predicts the winner of each game in the National Collegiate Athletic Association’s men’s basketball tournament.

The prize will be paid in 40 annual installments of $25 million and split among multiple winners if there is more than one perfect entrant, the Detroit-based lender said today in a statement distributed by PR Newswire. The winner also has the option of a single payment of $500 million.

Berkshire has specialized in unusual insurance risks for decades, protecting clients against big losses in return for premium payments. The Omaha, Nebraska-based company won a bet in 2010 on the World Cup after France was eliminated from the tournament in South Africa. Berkshire has previously guaranteed against the potential payout of $1 billion in a contest sponsored by PepsiCo Inc.

“We’ve seen a lot of contests offering a million dollars for putting together a good bracket, which got us thinking, what is the perfect bracket worth?” Quicken Loans Chief Marketing Officer Jay Farner said in the statement. “We decided a billion dollars seems right for such an impressive feat.”

The 68-team team tournament begins in March. Submissions will be limited to one per household and capped at 10 million entrants, according to the statement.

--With assistance from Zachary Tracer in New York. Editors: Dan Kraut, Jay Beberman

To contact the reporter on this story: Noah Buhayar in New York at nbuhayar@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

© Copyright 2017 Bloomberg News. All rights reserved.

 
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Buffett Backs $1 Billion Prize for Quicken Loans in NCAA Bet
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Wednesday, 22 Jan 2014 10:05 AM
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