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March Madness 2014 $1 billion bracket: Warren Buffet contest opens for picks

Warren Buffet Billion Dollar March Madness Bracket contest is open!
Warren Buffet Billion Dollar March Madness Bracket contest is open!File photo/ Getty

March Madness begins and so does Warren Buffet’s billion dollar perfect bracket contest, which is a free chance at winning a billion dollars. All you have to do is pick out a perfect bracket, but according to Slate on March 16, you’re not going to win and no one else will win either.

Make your picks today at the Warren Buffet/Quicken Loans Billion Dollar Bracket Contest, as the website is now letting you fill out your bracket. You have until 1 a.m. on March 20, to sign-up and make your picks. Those of you who registered early can now make your bracket picks.

Warren Buffet has teamed up with Quicken loans and anyone over the age of 18 has a chance at filling out the March Madness bracket. If you get all 63 winning teams correct, the billion dollar grand prize is yours. Slate reports that you are not going to win and they may be right as the odds of winning are 1 in 9,223,372, 036, 854, 775, 808.

If you need to tell someone the odds, you would say that it is “one in nine quintillion and change,” according to Slate. A math professor at DePaul University calculated out the chances of winning and presented a different scenario for the odds.

Before you had even a 50-50 chance of winning, 90 billion brackets would need to be filled out. In the last 13 years CNN has run a large-scale bracket contest and not a soul has come close to a perfect bracket. Not rain on your parade even more, but only one person has managed to pick the first-round winners in the last seven years.

OK, so what about beginners luck? It is a chance you are taking and even though it is one of the longest shots available on the globe, it's free and it only takes a few minutes to sign-up, so what is the harm in giving it a shot?

The contest is insured, so if someone does happen to win, a specialty insurance company will have to pay the creators of this contest the billion dollars. Quicken Loans is paying an undisclosed amount of money for the Oracle of Omaha’s company Berkshire Hathaway to insure the contest.

Slate is right, you will probably not win, but just on the outside chance you are feeling there’s a slight chance that this could be your March Madness year, head on over and fill out the bracket. Even if you do it just for fun!