Warren Buffett’s NCAA bracket contest has finally crowned a winner after nearly a decade. An employee from FlightSafety International, a Berkshire Hathaway subsidiary, won the $1 million grand prize by correctly predicting 31 of the 32 games in the first round of the men’s basketball tournament. The 94-year-old Oracle of Omaha has progressively relaxed the rules since the competition’s inception in 2016.
Initially, Buffett aimed to award $1 million to anyone who could perfectly predict the Sweet 16. Despite rule changes in 2024, nobody managed to secure the jackpot. This year, Buffett modified the contest rules once again, stipulating that anyone predicting the winners of at least 30 of the 32 first-round games would be eligible for the prize.
Out of the participants, 12 Berkshire employees guessed 31 of the 32 first-round games correctly. The $1 million prize ultimately went to the individual who picked 29 games consecutively before a loss and went on to correctly pick 44 out of the 45 games. The other 11 contestants will each receive $100,000 for their impressive performances.
Buffett, a known Creighton basketball fan, expressed his excitement about finally awarding the grand prize and congratulated all participants for their efforts. The 2025 March Madness tournament culminated in an exhilarating national championship game between No. 1 seeded teams Houston and Florida on Monday, April 7.
The highly anticipated event saw Florida secure the title with a standout performance. Berkshire Hathaway, like many other corporate giants, leverages March Madness to foster employee engagement and brand awareness, particularly among Gen Z.
Winning big in March Madness
Buffett introduced this contest for his employees, and it has become a significant cultural element within the firm. Berkshire Hathaway and its subsidiaries employ about 395,000 people globally. Despite the low odds of winning, it’s not hard to see why people still participate.
While the prize money is tempting, the thrill of competition plays a significant role. The psychological reasons behind this include the ‘Endowed Progress Effect’ and the ‘Underdog Effect’. According to a survey by the Associated Press-NORC Center for Public Affairs Research, 25% of US adults fill out men’s tournament brackets annually or periodically, while 16% do the same for the women’s tournament.
Additionally, 14% of adults fill out both men’s and women’s brackets at least some years. Seven in ten participants are driven by the glory of winning, showcasing the competition’s inherent appeal. Financially, March Madness is hugely impactful for organizations like the NCAA, which reported a record-breaking $1.38 billion revenue last year, with March Madness contributing around $900 million.
The American Gaming Association predicts $3.1 billion in bets will be placed this month, a significant increase from the $1.7 billion wagered on the Super Bowl. Companies seize this period to increase brand visibility. ESPN offers a three-tier bracket contest with multiple prizes, USA Today has a $1 million prize for a perfect bracket, and Yahoo Sports provides a $25,000 prize for the best bracket.
These contests have become annual traditions, further enhancing the tournament’s cultural significance. Berkshire Hathaway’s March Madness contest, along with similar events hosted by other major brands, illustrates the powerful blend of competition, engagement, and financial opportunity that makes this period so captivating. As technology and deeper data insights advance, participation is likely to increase, benefiting both companies and their audiences.
Image Credits: Photo by Todd Greene on Unsplash
