- Berkshire Hathaway is adjusting the rules for its March Madness pool. Warren Buffett says he hopes to award $1 million to someone this year, but they’re going to need a fair bit of luck on their side, even with the new parameters.
Warren Buffett will turn 95 this August—and he’s ready to give his March Madness money away.
Eleven years ago, Berkshire Hathaway started its March Madness bracket challenge. Whoever correctly predicted the outcome of all 67 games, the company said that first year, would win $1 billion. No one won. Buffett eventually changed that to a prize of $1 million for life (and a $100,000 prize to whichever employee has the best bracket). Still, despite the changes made to the rules, no one has walked away a winner.
So this year, the Oracle of Omaha is looking to make it easier to win the $1 million prize. To win the pool this year, employees at any Berkshire Hathaway–owned company will have to pick the winners of 30 or more of the first 32 games, which will take place this Thursday and Friday.
If no one manages to do that, a $250,000 prize will go to whomever picks the most winners in the tournament’s complete 63 games.
“I’m getting older,” Buffett told the Wall Street Journal. “I want to give away a million dollars to somebody while I’m still around as chairman.”
Buffett submits a bracket in the pool, but admits he doesn’t fill it out himself, saying he might ask his assistant to do so, since his focus is on the stock market rather than NCAA basketball.
And while there’s the “easy” $1 million option for the first round of March Madness, should a lucky Berkshire employee pick the winners of all of the first 48 games (everything up through the Sweet 16 round), they’ll win the pool’s big prize of $1 million a year for life.