Buffett's big Berkshire-March Madness contest will double the payout if a Nebraska team wins it all

  • The Oracle of Omaha says his $1 million March Madness contest for Berkshire employees will pay double if one of his two Nebraska favorites wins.
  • Warren Buffett, a long-time basketball fan, offered employees $1 million a year for life to anyone who guessed which teams play in the NCAA men's basketball tournament's "Sweet 16."
  • Now, he says, if Creighton or Nebraska wins the tournament, he would double the big prize.
Warren Buffett, Chairman and CEO of Berkshire Hathaway.
David A. Grogan | CNBC
Warren Buffett, Chairman and CEO of Berkshire Hathaway.

The Oracle of Omaha says his $1 million-a-year March Madness contest for Berkshire Hathaway employees will pay double if one of his two Nebraska favorites wins.

Billionaire investor Warren Buffett, a long-time basketball fan, offered employees $1 million a year for life to anyone who guessed which teams make it to the NCAA men's basketball tournament's "Sweet 16." No one won last year's big jackpot.

This year, there's a twist. If the Creighton Bluejays or Nebraska Cornhuskers wins the tournament, the prize will double, Buffett said Monday in a wide-ranging interview with CNBC.

"So, instead of $1 million, it'll be $2 million," the chairman and CEO of Berkshire Hathaway told "Squawk Box."

The NCAA will reveal on March 11 which 68 teams have made the cut for this year's basketball championships. The tournament starts two days later and concludes April 2.

Buffett joined CNBC from Omaha, Nebraska. He spoke on a range of topics, including the new tax law.

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