Buffet’s billion dollar March Madness bracket contest had only three people remaining after the Mercer University upset early Friday. When Duke University lost to Mercer University, that pulled everyone out of the contest, except for those three insightful people, according to the Daily Caller on March 21. By the end of Friday's games, all brackets entered in the billion dollar bracket contest had lost. No one picked a winner.
Warren Buffet with Quicken Loans had offered $1billion to the person who could fill out a perfect March Madness bracket. This is a feat almost impossible to do, as seen on Friday. If there had been a winner, the money would not have come out of Buffet or Quicken Loans' pockets.
They insured the contest using one of the specialty insurance companies that cover things like winning a car after sinking a hole in one during a golf tournament. The same type of insurance company insures that million dollar tagged bluefish in Long Island Sound. If someone catches it during the derby, the insurance company covers the prize money.
Insuring the perfect bracket for $1 billion dollars, meant that if there was a winner, it would have been the insurance company who paid up.
So what were the chances of any one of the last three people picking the perfect bracket? While the stats offered on this say that the chances were one in 4,294,967,296. Although, you don’t need to run the numbers to realize that it was an almost impossible feat to conquer. Without a winner, that billion dollar prize is safe for another year! If they decide to do it again for 2015.
Update 3/22: After Friday's games, no one was left in the Billion Dollar Bracket contest.