Many medals from the 2024 Summer Olympics in Paris have already been awarded, and some medal winners also get cash prizes. Although the International Olympic Committee does not give out cash prizes, a few nations give their athletes Olympic Medal Rewards. For the first time, a sports federation offered a reward to gold medallists in track and field: World Athletics. An example of an international federation was the International Boxing Association’s $100,000 guarantee to boxing gold medallists.
Highest payouts
- The biggest Olympic Medal Rewards for Olympic winners has been revealed by Hong Kong and Singapore, where the gold winners will receive 6 million Hong Kong dollars ($768,000), while the silver and bronze medal winners will receive HK$3 million and HK$1.5 million, respectively.
- Hong Kong is expected to get large rewards this year as a result of an early crop of fencing and swimming medals. Only one athlete has received the highest monetary incentive from the city-state: Joseph Schooling, who won the 100-meter butterfly gold medal at the 2016 Rio Olympics over Michael Phelps of the United States.
- Cash awards are given out by the German Sports Aid Foundation to Olympic competitors who place seventh or above.
- Both the government and its national sports organisation provide financial incentives to Indian Olympic athletes. The government awards gold medallists with 7.5 million rupees ($90,000).
- Some athletes may earn prizes from governments and commercial corporations in addition to or instead of cash, such as automobiles and residences.
- Olympic competitors from Kazakhstan are eligible to receive $250,000 for a gold medal, $150,000 for a silver, and $75,000 for a bronze. Medallists also receive residences from the state.
- The National Sports Council of Malaysia promises a prize of one million ringgit ($215,563) for individual gold medallists; silver and bronze medallists are anticipated to get rewards of 300,000 and 100,000 ringgit, respectively.
- Other incentives, like additional cash or luxuriously furnished flats, are provided by certain private enterprises in Malaysia.
Sport-specific prizes
- A $2.4 million reward fund has been announced by World Athletics for gold medallists in the 2024 Summer Olympics in Paris.
- This fund will also be available to Olympic silver and bronze medallists at the 2028 Summer Olympics in Los Angeles.
- Financial awards for boxing tournaments totalling more than $3.1 million have also been announced by the International Boxing Association (IBA).
- The National Olympic Committee (NOC) and the athlete’s coach will split the $100,000 prize money, with the NOC receiving half and the athlete receiving $25,000.
- Athletes who win silver medals will get $50,000, of which the coach and the NOC will divide equally after the athlete receives $25,000.
- The IBA will give out $25,000 for a bronze medal, which includes $12,500 to the athlete. Sponsorships are another way that athletes may get prize money; this was seen in the Beijing Winter Olympics in 2022.
- Some contend, however, that the procedure is strongly supported by famous sportsmen, making it necessary for less well-known Olympic competitors to provide funding.
Conclusion
Worldwide, financial awards, bonuses, and government incentives are awarded to athletes who win Olympic medals. The largest prizes are given in Hong Kong and Singapore; gold medal winners get 6 million Hong Kong dollars ($768,000). Other nations, including the Indian government, the German Sports Aid Foundation, and private businesses, offer financial incentives. In addition, sponsorships provide cash prizes.