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Warren Buffet will pay $1 billion for a perfect March Madness 2014 bracket

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Billionaire Warren Buffet is looking to make someone else have a lot of money as well. Business Insider reported on Jan. 21, 2014, that Buffet's company, Berkshire Hathaway, has partnered with Cleveland Cavaliers owner and Quicken Loans founder Dan Gilbert to offer $1 billion to a fan that can put together a perfect March Madness 2014 bracket.

It's a simple process. Fill out a perfect NCAA men's basketball March Madness bracket and Warren Buffet and Dan Gilbert will pay you $1 billion to be "paid out in 40 annual installments of $25 million."

Some stipulations are in place, but this adds a whole new level of excitement to the annual "filling out of the brackets" and hopes that yours doesn't get busted.

The chances of filling out a perfect March Madness bracket is one in 9.2 quintillion (that's nine zeroes, if you're wondering). If that is accomplished, the winner will be paid the installments or they can choose to select a $500 million lump sum prize.

If there are two winners, the prize money will be split down the middle.

"It is our mission to create amazing experiences for our clients," Jay Farner, Quicken Loans president and chief marketing officer, said. "This contest, with the possibility of creating a billionaire, definitely fits that bill."

Don't worry if you can't get a perfect March Madness 2014 bracket though because there are other prizes.

$100,000 will be paid out, by Quicken Loans, to each of the 20 contestants that have the closest imperfect brackets. This money though, must be put toward buying, remodeling, or refinancing a home.

Warren Buffet's March Madness 2014 $1 billion challenge begins on March 3, 2014, and it is free to play. Quicken Loans has not revealed a website yet, but they want everyone to check out their Facebook page and Twitter for more information as March approaches.

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