Wednesday, September 17, 2014   

Buffett throws down US$1b challenge to US college basketball buffs
(01-22 11:22)

American billionaire Warren Buffett has teamed up with Quicken Loans to offer US punters a US$1 billion prize for picking the winner of every game in this year's men's college basketball tournament.
The odds of filling out a perfect bracket for the 64-team National Collegiate Athletic Association event known as “March Madness''? One expert put it at more than nine quintillion to one, AFP reports.
Quicken said the money would be paid out to anyone who correctly picks the winners of each game in the annual single-elimination tournament to determine the top team in American college basketball.
The contest is free to enter and open to the first 10 million people who apply. The prize money will be paid out in 40 annual payments of US$25 million, or a one-time lump sum of US$500 million.
If more than one perfect bracket is submitted, the winning entrants will split the money.
Buffett's Berkshire Hathaway Inc is insuring the contest, but the chances of him having to fork over the jackpot at the end of the 64-team tournament on April 7 are slim indeed.
Jeffrey Bergen, a professor of mathematics at Chicago's DePaul University, told The New York Times the odds of choosing all game winners are more than the number nine quintillion, or the number nine followed by 18 zeros, to one.
“I don't think we need to lose any sleep for Mr. Buffett tonight,'' said Bergen.
   
Other Business breaking news:
German investor optimism down on concerns of Ukraine, Scotland (09-16 18:22)
UK inflation slows in August (09-16 17:28)
Japan, China, SKorea finance chiefs to hold talks this week (09-16 17:00)
Hang Seng ends lower in shortened trade (09-16 16:19)
European stocks markets down at open (09-16 15:27)
Nikkei ends lower (09-16 14:26)
China's overseas investment soars as FDI drops again (09-16 11:46)
Tools available to remove U2 album from iTunes (09-16 10:57)
Nikkei down by break (09-16 10:49)
Bank of China to clear yuan transactions in Paris (09-15 18:28)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.