Warren Buffett started a bet with his Berkshire Hathaway employees that meant they would get $1 million a year for life if they could pick the perfect NCAA basketball bracket through the Sweet 16 round. Moreover, if his hometown of Omaha’s team wins the entire NCAA tournament he will sweeten the deal a bit more and make it $2 million a year for the rest of that person’s life.
68 teams participate in this tournament and every year, the Berkshire Hathaway boss offers this opportunity to employees if they are able to perfect their bracket through the Sweet 16 round. Every year, employees have the chance of winning $1 million per year for life. That means that 2018 will offer that opportunity for yet another employee to become a millionaire again every single year for life. For 2018, it’s even better news as Omaha has 2 teams in the tournament in both Creighton and Nebraska, which means there are 2/68 chances 1/34 chances that if someone gets the entire bracket right up through the Sweet 16 round, they may win $2 million annually for life instead of $1 million annually for life.
For 2018 the odds of either winning are astronomically high, but employees will not need to attain perfection to win. To make the deal more accessible to all employees, Buffett offers a $100,000 payout to the employee whose bracket stays the most accurate the longest, which means that someone has to win something each year, even if it’s not $1 million annually, but even a $100,000 one time lump sum is a nice prize in addition to one’s regular salary.