Warren Buffett Eases Conditions for $1 Million March Madness Challenge: ‘I Want To Give Away a Million Dollars to Somebody While I’m Still Around’

Warren Buffett has made his annual March Madness bracket challenge for Berkshire Hathaway Inc. BRK employees easier to win this year.

What Happened: The grand prize of $1 million is up for grabs for those who can accurately predict the winners of 30 out of the 32 first-round games of the NCAA’s March Madness men’s basketball tournament.

This year’s challenge offers a more attainable goal compared to last year, when employees had to perfectly predict the outcomes of all 32 first-round games.

Buffett, now 94 years old, told The Wall Street Journal, “I’m getting older. I want to give away a million dollars to somebody while I’m still around as chairman.”

Additionally, the challenge includes a $250,000 prize for the employee who predicts the most correct outcomes, should the grand prize go unclaimed.

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“You’d like to think one of them had a chance of winning every four years. That’s what we’ve been kind of fumbling our way toward,” he added.

In 2016, Buffett offered a $1 million annual prize for an employee’s lifetime if they could perfect the bracket for the first two rounds. However, the grand prize remained unclaimed.

Why It Matters: Despite the eased conditions, winning the challenge is still a daunting task. The NCAA estimates the odds of accurately predicting every game’s outcome at a staggering 1 in 9.2 quintillion.

Nonetheless, the revised rules have certainly increased the chances for Berkshire Hathaway employees to walk away with a significant cash prize, reflecting Buffett’s desire to reward his staff while he still holds the chairman’s position.