Gold Medalists In 2024 Olympics To Receive $50,000 Prize Money From World Athletics

Olympic athletes are about to earn more than just a gold medal this year if they win their event.

International sports governing body World Athletics (WA) will start giving prize money to gold medal winners in the upcoming Paris 2024 Games. It is the first time an organization will dole out such a monetary reward for achievements in a major worldwide event.

The International Olympic Committee (IOC) allocated $2.4 million to the WA for the prize money awarded to gold medalists in 48 track and field events. Cash rewards are also planned for silver and bronze medalists in the next Olympic games in Los Angeles in 2028.

The Olympics is the latest event or league to give athletes more opportunities to earn more from their athletic accomplishments. In July 2021, the NCAA allowed student-athletes to make money through endorsements and NIL, otherwise known as “name, image and likeness.”

Over the last few years, these two developments signal a shift in what athletes expect for compensation in these respective events and leagues.

The Olympics need a spark to revive interest in the event. This year, NBC Universal, the U.S. broadcaster for the event, revealed last Tuesday that it had sold $1.2 billion in advertising. The media company also renewed its broadcast rights to the games until 2032, showing it is confident that this year’s edition of the Olympics will be one of its most lucrative yet. Incentivizing competitive play with more financial rewards for athletes won’t hurt that initiative.

Article by Benji Ferraro