Warren Buffett Offers $1 Billion to Anyone with the Perfect March Madness Bracket

via Getty Images In this tough economy, it's fair to say that we could all use an extra billion dollars. Fortunately, someone could be a billion dollars

via Getty Images

In this tough economy, it's fair to say that we could all use an extra billion dollars.

Fortunately, someone could be a billion dollars richer in a few months, thanks to a perfect March Madness bracket and a rather generous offer from business and investor magnate Warren Buffett, currently listed as the world's fourth richest individual.

The 83-year-old Omaha-native's company Berkshire Hathaway is teaming up with Quicken Loans' Dan Gilbert, owner of the Cleveland Cavaliers, to offer a cool billion to anyone who can successfully fill out the perfect bracket for this year's NCAA Men's basketball tournament. The payments will be given in 40 annual installments of $25 million.

So what, you may ask, are the odds of filling out the perfect bracket? Roughly 1 in 9.2 quintillion.

But if you tend not to have much luck in March, it should be noted that Quicken will award $100,000 each to the contest's 20 most accurate "imperfect" brackets to be used toward buying, refinancing or remodeling a home.

UPDATE:According to the Dallas Morning News, submissions will be limited to one per household and capped at 10 million entrants. More information for the contest can be found here.

[

h/t Slate