Warren Buffett pledges $1 million a year to employees who correctly predict the Sweet 16 in March Madness

Major fan.
Major fan.
Image: AP Photo/Nati Harnik
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Warren Buffett is making it a bit easier for any of his 361,270 employees at Berkshire Hathaway to win some money during the NCAA March Madness tournament this year.

Buffett announced during an interview with CNBC that he would be offering 2 new prizes for the US men’s college basketball tournament that takes place next month.

The Berkshire employee who predicts the most consecutive number of games correctly will win a $100,000 award (if some employees are tied, they’ll split the winnings).

But here’s the real prize: if anyone’s bracket (a diagram that keeps track of someone’s March Madness picks) remains perfect through the Sweet 16—when only 16 teams remain—they’ll win $1 million a year for the rest of their life.

This isn’t the first time the “Oracle of Omaha” has offered a lucrative prize with the March Madness tournament, but the odds of winning Buffett’s prize are in theory a bit easier. Last year, Buffett offered a $1 billion prize for anyone who had a “perfect bracket,” wherein he or she correctly predicted the winner of all of the tournament’s 63 games. FiveThirtyEight said there was a 1 in 1,610,543,269 chance of getting a perfect bracket last year.

With Buffett’s new prize, employees only need to predict the first two rounds, or 48 games out of 63, correctly.