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- Title
THE PROBABILITY OF WINNING WARREN BUFFETT'S BILLION DOLLARS.
- Authors
Sullivan, Michael J.
- Abstract
The National Collegiate Athletic Association (NCAA) College Basketball Tournament, referred to as "March Madness" is extremely popular. According to Brown, Kvam, Nemhauser, and Sokol (2012) the NCAA College Basketball Tournament is the most wagered on sporting event in the United States, with much of the wagering done through office bracket pools. One such bracket contest, the "Quicken Loans Billion Dollar Bracket Challenge", was first introduced in 2014 and is sponsored by Quicken Loans and Yahoo.com with Warren Buffett. As the name suggests, participants have the opportunity to win $1,000,000,000 if they correctly pick the winner of all 63 NCAA College Basketball Tournament games, or in other words, have a "perfect" bracket.1 Therefore, a central question for participants becomes, what is the actual probability of achieving a "perfect" bracket?
- Subjects
NCAA Basketball Tournament; PROBABILITY theory; SPORTS events; SPORTS betting; BUFFETT, Warren, 1930-
- Publication
Journal of Gambling Business & Economics, 2015, Vol 9, Issue 2, p40
- ISSN
1751-7990
- Publication type
Article
- DOI
10.5750/jgbe.v9i2.996