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Warren Buffett will pay $1 billion for anyone who picks every winner of the March Madness basketball tournament.

That's how much the billionaire investor and Dan Gilbert, founder of Quicken Loans, are putting up for the perfect NCAA bracket. That means predicting the results of 67 games.

Buffett's Berkshire Hathaway will be insuring the grand prize. It would be shared by any qualified contest participant who predicts the winners of every game in the men's college basketball tournament, which is set to begin on March 18. The billion dollars would be paid in 40 annual installments of $25 million each.

The winner (or winners) may also choose to get a lump sum payment of $500 million (or share in that amount).

The pair must be confident no one will win. The odds of filling out a perfect bracket are a staggering 1 in 9.2 quintillion. That's a nine with 18 zeroes or 9,223,372,036,854,775,808 to be precise.

You'd have a better chance of hitting four holes-in-one in a single round of golf.