Warren Buffett is known for making good bets but with his latest move he shows his interest in sports as well as his ability to market himself and business partners at Quicken Loans. They have teamed up create a contest where anyone can join and the prize purse is $1 billion. All you have to do is pick a perfect NCAA bracket, which is rarer than 1 in 4.5 billion chances to get all 67 games right. Still, there is nothing to lose, right?

The New Jersey Journal reports on other large prize purses being offered this year: "Buffett's Berkshire Hathaway is insuring a Quicken Loans contest that will award that pile of cash to anyone who can correctly guess the winners of all 67 games in this spring's NCAA men's basketball tournament. There have been other large prizes awarded in similar contests: Yahoo Sports has offered $5 million, and Fox Sports has offered $1 million in their NCAA Tournament bracket competitions."

Warren Buffett is treating this like an insurance policy, so he set a price that should give him a good chance against the odds. "We own Geico. We insure 10% of all the cars in the United States. You evaluate the risk and you charge a premium of what you think is appropriate. Overall, if you're pricing it right, you should end up with a profit," he said.

If someone wins, they can take a lump sum of $500 million or get 40 annual installments of $25 million. Think about how much you'd have to pay in taxes to the government.

Forbes explains how to join the contest: "You can enter the contest at any time beginning Monday, March 3rd, 2014 through Wednesday, March 19th, 2014. Brackets will be made available on Selection Sunday, March 16, 2014, and will initially be limited to 10 million entrants, but only one per household. For more information, you can check out the Quicken Loans page on Facebook."