Warren Buffett has added enormous stakes to the upcoming NCAA March Madness tournament. The wealthy mogul has made an open wager with the world by offering a $1 billion prize to anyone that submits a perfect bracket.

Buffett has formally unveiled his joint proposal with Quicken Loans. The billionaire is insuring the gigantic gamble, and the format of the contest originated from personal discussions between Buffett and Dan Gilbert, who is the founder of the retail lender. The terms of their policy have not been publicly disclosed; however, it is known that Buffet used one of his insurance providers to exchange a private premium. This means that the competition will go forward!

Of course, the odds are incredibly stacked against the favor of even skilled sports watching experts. Even members of academia are skeptical. For example, Ezra Miller is a chief mathematics professor at Duke University, and he proclaims that the the ratio between winning and losing stood at one to one billion. Using this astute calculation, he estimated that the wager would require a minimal insurance of $10 million.

Still, in the unlike event of victory, winners would receive their designated rewards as follows:

-Option A: The individual that constructs a perfect chart can choose to receive forty annual payments of $25 million each. -Option B: The victor can also forgo half of their winnings if they desire a lump sum. A solid bracket can be submitted for an instant $500 million. -Option C: In the event of multiple winners, the prize will be split.

A total of 10 million people are expected to participate in this legendary gambling event, which means that maximum occupancy will assuredly be fulfilled. Buffet has addressed the matter with the media. According to his remarks, he is happily anticipating the excitement.

“This will be the most fun. Just imagine if there’s one person left,” Buffett said. “I will go to that final game with him or her and I’ll have a check in my pocket.”

This tantalizing opportunity is not one to miss. Buffett is not shying away from the fact that he could lose a significant chunk of his fortunes. He says his company is fully prepared to absorb the losses in case someone procures a perfect bracket. While a $500 million deficit may be possible, speculators say it should not be counted on. Ultimately, the billionaire is a witty investor, and this spectacle could simply increase his wealth by an undisclosed amount.

Here is a link to the official
Warren Buffet's Bold Billion Dollar Gamble Facebook page.