March Madness Probabilities

Every year during the NCAA Basketball National Championship, or March Madness, fans make bracket predictions and often make bets on them. Warren Buffet, the billionaire investor of Berkshire Hathaway, once offered one billion dollars for anyone who could predict a perfect bracket. But what exactly are the odds of predicting a perfect bracket? Buffet actually made one of the safest bets he could. First, let’s assume that each team has a 50% chance of winning any given game. The probability is calculated by simply taking the number of outcomes from a game, one team could win or the other team Continue reading March Madness Probabilities