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  • Befair Man Wins Lottery

    lotterywinnerRonnie Compton Plans to Put Mom First Following a $200,000 Washington’s Lottery Win. Compton of Belfair recently won a top prize of $200,000 playing Washington’s Lottery “Super Cash” Scratch. Compton was making his way home from work on Thursday… Read More +

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  • Officer Chases Suspect Who Shot Him

    churchAuthorities say an officer in Washington state who had been shot in the leg by a suspect got back into his patrol car and pursued the fleeing man. The King County Investigative Response Team says Duvall police Sgt. Michael DeBock, an… Read More +

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  • Mariners Rout Angels 13-2

    mariners newsMike Zunino's two-run double keyed a four-run fifth inning and the Seattle Mariners climbed within a game of the second AL wild-card spot by routing the Los Angeles Angels 13-2 on Tuesday night. The Mariners haven't been to the postseason since 2001, when they won 116 games under manager Lou Piniella and tied the major league mark set by the 1906 Chicago Cubs.

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What Billionaires Wager During March Madness

b_250_0_16777215_00_images_obgrabber_2014-01_65c8f31dab.jpgiStock/Thinkstock (NEW YORK) -- How much are billionaires Warren Buffett and Cleveland Cavaliers owner Dan Gilbert betting each other during March Madness? Like the fictional and very wealthy Duke brothers' infamous $1 bet in the 1983 film Trading Places, probably nothing at all. "I doubt there's going to be any money wagered," said the spokesman for Gilbert's company, Quicken Loans, adding that the two business executives might have a "goofy prize for fun."

On Tuesday, Quicken Loans announced in a marketing ploy that it is offering $1 billion for a perfect bracket completed through this year's men's college basketball championship tournament, commonly known as March Madness. Buffett's investment company Berkshire Hathaway is offering an additional $2 million in prizes for 20 of the most accurate brackets. The pair plan to fill out their own brackets and have a side bet on the tournament, The New York Times reported.

But just because they are some of the richest people in the country, they aren't going to go squandering it all on the NCAA basketball tournament.

Warren, 83, chairman of Berkshire Hathaway, is worth around $58.5 billion, according to Forbes, and is one of the most philanthropic people in the world. True to his charitable history, his company is donating an additional $1 million to educational non-profits in Detroit and Cleveland. Gilbert, 51, is chairman of online lender Quicken Loans and has owned the Cavaliers since 2005. His net worth is about $3.9 billion, according to Forbes.

"As of right now no brackets have been filled out by Dan or Warren," said a Quicken Loans spokesman. "It was just something fun they were talking about doing around the office in future."

Buffett and Berkshire Hathaway did not respond to a request for comment.

Copyright 2014 ABC News Radio

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