"It’s not business income. Well, probably not. There are folks who enter games, contests and sweepstakes for a living (remember that Julianne Moore movie?) but that’s some serious dedication to the cause. Assuming that you did enough research and really dedicated yourself to winning, you could possibly treat it as your business (or more likely, a hobby). If you did, you would report your winnings (of course) but could also deduct any reasonable expenses associated with winning."

Well, it's a shame 1 billion probably wouldn't be enough to buy up all the 63 teams - and leave some winnings for the effort...