Although Warren G. Buffett is a billionaire tycoon in the investments industry, he is also an NCAA basketball fan who loves to hold an office pool that happens right around March Madness. Many people all over the world participate in pools that attempt to predict final game matches or the exact scores outcomes of those games. Prize amounts differ depending on the challenge distributor and the number of participating members. For employees of Berkshire Hathaway, the holdings company under the supervision of CEO Warren Buffett, the office pool every year is a very real money making a challenge. Since 2014 when the challenge was first issued by Buffett, there have been changes through the years that have brought the challenge to what it is now.
The Buffett announced his NCAA bracket challenge, he chose to have the contest open to the public and the prize amount was a whopping one billion dollars for anyone who could pick a perfect bracket for the Sweet 16. No one won the challenge that year, but legal matters would eventually come around and change the challenge rules. Yahoo was alleged to have backed out on a similar contest contracted to offer the same amount of money. The next year, with the legal issues still ongoing, the contest did not take place, much to the disappointment of people wanting to earn that prize!
In 2016, Buffett re-released his challenge with some different guidelines, including making it open to only the 300,000 employees of Berkshire Hathaway. The prize pool would consist of one million dollars every single year for life for any employee who could select a perfect bracket. He added that he would give $100,000 to anyone whose bracket stayed active the longest. So far only one person has claimed the money, a steelworker in 2017 whose bracket stayed active for 31 of 32 games.