The Olympics is where every athlete aspires to be, as it can grow their athletic careers, personal achievements... oh, and their pockets too.
With the categories allowing a range of different sports to be played under one roof, it’s the pinnacle of events.
Even though you’d expect athletes who reach the entrance to be receiving an insane amount of money to reflect their hard work, you might be wrong.
The Olympics isn’t like football, and you can’t expect all athletes to be making the big bucks like the top footballers.
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However, even though the Games has never handed out money for receiving a gold, silver or bronze medal before, 2024 is the first year track and field athletes will receive prize money if they win gold medals.
The International Olympics Committee (who organises the event) doesn’t pay athletes for their success, the governing body of track and field will now pay up.
The World Athletics (WA) shared in April that going forward, gold medallists in track events at Paris 2024 will be able to win prize money, which is the first time a governing body has had such a decision.
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According to reports, $2.4 million has been set aside by WA from the IOC’s revenue share allocation to pay the athletes.
So, how much will they get?
For gold medallists, they can expect $50,000, and relay teams will also win $50,000 to share amongst themselves.
Even though this is only for the big winners, according to CNN, WA shared that they want to extend prize money to Olympic silver and bronze medallists at the Los Angeles 2028 Olympic Games.
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The International Boxing Association (IBA) also announced it will hand out over $3.1 million to winners of the boxing competitions.
The IBA will pay Gold medallists $100,000 which is shared out between the athlete, the NOC and the athlete’s coach at receiving $25,000 apiece.
Silver medallists will get $50,000, with the athlete receiving $25,000 and the NOC and coach receiving the rest.
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A Bronze medallist will receive $25,000, which is $12,500 to the athlete.
IBA president Umar Kremlev said in a statement: “Our athletes and their efforts must be appreciated. The IBA offers opportunities and invests considerably in our boxers, they remain as the focal point, and we will continue to support them at all levels.”
However, not everyone was onboard with this decision.
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The Association of Summer Olympic International Federations (ASOIF) said it ‘undermines the values of Olympism and the uniqueness of the Games.’
It said in a statement: “One cannot and should not put a price on an Olympic gold medal and, in many cases, Olympic medallists indirectly benefit from commercial endorsements.
“This disregards the less privileged athletes lower down the final standings.”
But, sponsorships is another way athletes can gain some income. However, this too comes with a catch.
According to Conrad who told CNN about its process, it’s heavily in favour of the better athletes, leaving lesser-known competitors to pay their own way to the competition.
He said: “Getting those endorsements is not easy. I mean, you really have to be Simone Biles level or Sha’Carri Richardson level to get significant endorsement money.”
“What sometimes companies will do, and it really depends on the level one is in, their endorsement deal will be free equipment and a few promotional events, but not a lot of money.
"And chances are it’s going to be the Olympic champions who will then get an endorsement for a lot of money.”
Britt Jones