DETROIT (WWJ) — Detroit-based Quicken Loans, the nation’s third largest mortgage lender, has teamed with Yahoo Sports as the technology provider for what’s now called the ‘Quicken Loans Billion Dollar Bracket Challenge with Yahoo Sports.’
Yahoo Sports designed the online bracket and will host the challenge’s destination, http://www.quickenloansbracket.com, as college basketball fans take their shot at becoming America’s next billionaire.
Quicken Loans has also increased the maximum number of contest entries to 15 million and will now allow one entry per person, instead of limiting the entries to one entry per household as was initially announced. The contest also now permits United States residents age 18 years and older to participate (expanded from the previously announced 21 years old and up).
Through the challenge, qualified entrants who accurately predict the winners of all 63 games in the college men’s basketball tournament will share a $1 billion prize paid in 40 annual installments of $25 million. The winners also may elect to receive their share of an immediate $500 million lump sum payment.
In addition to the potential billion dollar grand prize, Quicken Loans will award $100,000 to each of the contest’s 20 most accurate brackets to use toward buying, refinancing or remodeling a home.
The company has also committed $1 million to charities in the Detroit and Cleveland markets to aid in urban youth education initiatives as part of the contest roll-out.
The first 15 million qualified entrants to complete the registration process at http://www.quickenloansbracket.com will be eligible to win the potential grand prize of $1 billion. The window to enter the ‘Quicken Loans Billion Dollar Bracket Challenge with Yahoo Sports’ will end at 1 a.m. Eastern time Thursday, March 20.
Quicken Loans closed a record $80 billion of volume across all 50 states in 2013. Quicken Loans generates loan production from web centers located in Detroit, Cleveland and Scottsdale, Ariz. The company also operates a centralized loan processing center in Detroit, as well as its San Diego-based One Reverse Mortgage unit.