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/A ) 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 ( BRK/A ) 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.

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