Warren Buffett and Quicken Loans’ one billion-dollar challenge for the perfect bracket lasted much shorter than anybody would have expected. Nobody actually made it out of the first round with a perfect bracket still intact.
Nonetheless, Buffett and Quicken received a ton of buzz because of the challenge.
Warren Buffett was on the Dan Patrick show today on the radio and said that he’d like to do this again next year.
He also said that the decision ultimately comes down to Quicken Loans, but if they do post a billion-dollar challenge in 2015, Buffett says he would like to make certain tweaks.
“I’d like to modify it a little bit so people have an even better shot to win it then they had this year,” he said.
He didn’t share any details, but he did sound excited about it:
“Wait until next year, though, I think we’re going to come up with you something better next year. We’ll make it a lot easier to enter. There were some questions that were a little tough I thought. Will make it easier to win but I think we’ll have an exciting prize.”
When doing the math, we learned that it would be easier to win the mega millions lottery twice as opposed to picking the perfect bracket. It was a no-brainer for Buffett to insure the $1 billion prize.
There are many different ways to make it easier for somebody to win while still making it a smart bet for Buffett. Even giving $1 billion to somebody who has a perfect bracket going into the final four is 1 in 7,205,759,400,000,000 odds.