A billion dollar sporting challenge has been thrown by philanthropist Warren Buffett to college basketball fans, UK MailOnline reported.
To anyone who can correctly predict the outcome of every game in the NCAA tournament this spring, an offer of $1 billion has been made by the investor's Omaha company Berkshire Hathaway along with Quicken Loans.
The odds, however, are stacked since there has never been a winner for the challenge in more than 30 million entries over the past 16 years.
According to UK MailOnline, "If someone can correctly predict the winners in every tournament game, they stand to earn themselves an annual income of $25 million a year for the next 40 years."
An immediate $500 million lump sum payment will also be available at the winner's request, according to Detroit-based mortgage company Quicken Loans.
In the 16 years that it has run the popular challenge, which has even attracted President Obama, there has never been a winner, billionaire Buffett's group ESPN said.
CBS Sports, which also has run a pool for years, has never had a perfect entry either. Last season, no unblemished brackets made it through the round of 64, according to UK MailOnline.
If even one entrant looks close to winning by the final game in Texas on April 7, then Buffet will invite them to attend the game with him as his guest, he told CNN Money.
"I will invite him or her to be my guest at the final game and be there with a check in my pocket, but I will not be cheering for him or her to win," he said, jokingly. "I may even give them a little investment advice."
If requested, $2 million will be split among the 20 most accurate predictions submitted for the contest, Quicken Loans said.
Educational charities in Detroit and Cleveland will also receive $1 million as the two cities are the main focus of Quicken founder and chairman Dan Gilbert's activities, UK MailOnline reported.
"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? We decided a billion dollars seems right for such an impressive feat," Jay Farner, president and chief marketing officer of Quicken Loans, said.
Each household is allowed only one bracket of submission.
According to UK MailOnline, "Submissions are limited to one per household and the deadline for entry, which is free, is March 19. Those hoping to be on to a winning formula will not be able to make their selection until the brackets are selected on March 16."
