What Billionaires Wager During March Madness: Warren Buffett and Dan Gilbert

Jan. 22. 2014—, 2014 -- How much are billionaires Warren Buffett and Cleveland Cavaliers owner Dan Gilbert betting each other in their own personal March Madness wager? 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 a 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.

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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 as part of his March Madness offer. 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."

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