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Warren Buffett Offers $1 Billion to Anyone with the Perfect March Madness Bracket

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In this tough economy, it's fair to say that we could all use an extra billion dollars.

Fortunately, someone could be a billion dollars richer in a few months, thanks to a perfect March Madness bracket and a rather generous offer from business and investor magnate Warren Buffett, currently listed as the world's fourth richest individual.

The 83-year-old Omaha-native's company Berkshire Hathaway is teaming up with Quicken Loans' Dan Gilbert, owner of the Cleveland Cavaliers, to offer a cool billion to anyone who can successfully fill out the perfect bracket for this year's NCAA Men's basketball tournament. The payments will be given in 40 annual installments of $25 million.

So what, you may ask, are the odds of filling out the perfect bracket? Roughly 1 in 9.2 quintillion.

But if you tend not to have much luck in March, it should be noted that Quicken will award $100,000 each to the contest's 20 most accurate "imperfect" brackets to be used toward buying, refinancing or remodeling a home.

UPDATE: According to the Dallas Morning News, submissions will be limited to one per household and capped at 10 million entrants. More information for the contest can be found here.

[h/t Slate]

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