Do Athletes Get Paid For The Olympics

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The Olympic champion has apparently received a multi-million dollar endorsement deal. Michael Phelps apparently made $5 million for his Under Armor deal, and we bet Simone Biles made a lot of money for that Tide Pods ad. But, you might not realize, the income doesn’t stop there.

Do Athletes Get Paid For The Olympics

Do Athletes Get Paid For The Olympics

In addition to winning their medals and receiving unusual statues, top athletes often receive monetary rewards from their country’s Olympic Committee. In the US, gold, silver and bronze earn $25,000, $15,000 and $10,000 respectively. That means Phelps will earn $140,000 in Rio alone and $650,000 in all five games.

Should Athletes Get Paid For The Olympics?

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How many awards has the athlete won the gold medal? #Rio2016 #Olympic — VOA (@VOANews) August 11, 2016

The USOC’s “Operation Gold” has issued large checks since the 1994 Winter Olympics to encourage key performances and help pay for training costs. All funds come from private donors, not tax credits, although Uncle Sam takes a percentage of the winnings. Some athletes also receive money from their sports organizations, such as USA Swimming. In team events like football or basketball, each member gets their own bonus instead of sharing the pie.

But what about amateur athletes like Katie Ledecky? The NCAA exempts the Olympics from its strict eligibility rules. He will enter Stanford as a freshman this fall with six medals and $115,000 in the bank, minus the “success tax” of course. The Maryland native didn’t go beyond Singapore Schooling Joseph. The University of Texas student earned nearly $750,000 for his upset of Michael Phelps and the nation’s first gold medal.

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DYK? #Rio2016 collegiate athletes can receive prize money from their country’s #Olympic governing bodies. Learn more: — NCAA (@NCAA) August 8, 2016

So when you’re wondering what motivates this amazing athlete, remember, it’s more than just pride.

Caroline is a writer and editor with almost ten years of experience. From 2015 to 2019, he held various editorial positions

Do Athletes Get Paid For The Olympics

, including as health editors, covering nutrition, fitness, health and other lifestyle news. He graduated from Medill School of Journalism and dreams of the day Northwestern returns to the Rose Bowl.

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Participating in the Olympics, let alone winning a medal, represents a show-stopping career for most athletes.

Olympic Glory Can Be Lucrative For Athletes From These Countries

From established stars to the average man or woman next door competing in unknown events, athletes work for four years hoping to bring home a gold medal.

Olympic glory comes with prize money, which can represent a small fortune for athletes competing in the so-called “minor sports” or the proverbial drop in the ocean of NBA stars and some of the world’s best golfers and swimmers. .

Counting the amount earned by American players. very difficult, because the amount they can take home can vary depending on the contributions of the national governing bodies under the Olympic programs and the United States Paralympic Committee. (USOPC). For example, US swimmers who are ranked in the top 16 in the world in Olympic events receive $40,000 per year from the USOPC in the form of athlete sharing agreements. Others, like American figure skater Adam Rippon, can struggle to make ends meet even at the top of their sport.

Do Athletes Get Paid For The Olympics

Rippon, a bronze medalist at the 2018 Winter Olympics in Pyeongchang, South Korea, revealed to CNBC that he was so heartbroken that he had to steal an apple from the gym where he trained in 2013.

Olympics: How Much Money Do Athletes Win For Gold, Silver And Bronze Medals?

A man takes a picture of a large-scale unveiling of the Tokyo 2020 gold medal as part of the Olympic Agora event at the Mitsui Tower in Tokyo on July 14. Philip Fong/AFP/Getty Images

What is known is the money the athletes will receive if they win a medal in Tokyo. According to the USOPC website, the U.S. Olympians will receive $37,500 for each gold medal in the 2020 Olympics, $22,500 for a silver medal and $15,000 for a bronze medal – the pot is divided equally among team sports.

The payout was unchanged from the 2018 Winter Olympics, representing a 50 percent increase in the amount earned by U.S. Olympic medalists. The 2016 Olympic Games in Rio de Janeiro.

Earning $37,500 for a gold medal is a juicy cherry on an already mouth-watering, but bonus, Olympic tournament for the United States. far from the most profitable in the world. In fact, they didn’t even enter the theater in the special sense.

Almost All Olympic Athletes Will Come Home To Four More Years Of Day Jobs

Although the medal allowances for the upcoming Olympics for countries other than the U.S. Mostly undisclosed, private finance site Money Under 30 collected data on Olympic medal bonuses for the 2016 Rio Olympics and the Pyeongchang Winter Olympics two years later. Singapore took first place, receiving $1 million in prize money for the gold medal, with the silver and bronze medals returning $500,000 and $250,000 respectively.

Indonesia paid $746,000 to the gold medalist, $378,000 to the silver medalist and $188,000 to the bronze medalist, while Kazakhstan and Azerbaijan awarded the gold medalists $250,000 and $248,000 respectively.

The difference, of course, can often be attributed to the fact that American athletes have a greater chance of winning an Olympic medal than some of their counterparts due to the size of the Olympic team. For example, the Rio Olympics in the U.S. he topped the medal table with 121 medals including 46 gold. Singapore and Indonesia won a total of four games with one gold each.

Do Athletes Get Paid For The Olympics

At the same time, the Olympic committees of Kazakhstan and Azerbaijan produced some wealth as both countries finished with 18 medals each. Great Britain is conspicuously omitted from the bonus list because the British Olympic Committee does not award a medal – Team GB finished second in medals in 2016 and third in the past four years – but its players receive a salary of $36,000 a year. to compete, as the board receives more than 160 million dollars annually from the government and the lottery.

How Much Do 2021 Us Olympic Athletes Get Paid?

Most Olympic athletes make their living from sponsorships and commercial endorsements, along with their medal bonuses and, in some cases, annual salaries. However, the “market” of players depends on their appearance, which is always related to their sport.

For example, despite being very talented, the likes of Katie Ledecky and Simone Biles are more popular than some of their teammates on Team USA because they compete in sports that enjoy higher visibility and wider coverage than others. . Swimming, track and field and gymnastics, for example, capture the popular imagination more than, say, skate or weightlifting.

Katie Ledecky during the women’s 800m medal ceremony during day seven of the US Olympic Swimming Trials. 2021 at CHI Medical Center on June 19 in Omaha, Nebraska. Maddie Meyer/Getty Images

Ledecky signed a six-year, $7 million deal with swimwear company TYR in 2018, while Biles has her own fitness line along with endorsement deals with Nike, Hershey’s and Kellogg’s.

Revealed: What Local Athletes Get Paid For Qualifying For Olympics

For the first time, college athletes will also benefit from any commercial support they can earn for the Olympics even without becoming a professional. In a landmark decision last month, the NCAA said that players will be allowed to use their name, likeness and image.

College athletes who receive USOPC Olympic medal award money have been allowed to keep that money since the NCAA introduced ad-hoc rules in 2001. But according to some National Olympic Committees, it pays less. As hundreds of athletes leave the Games with medals in hand, they can expect a bonus here.

That comes from different places – their sponsors and the national governing bodies of their sports, among them. But many NOCs also pay bonuses to medal winners.

Do Athletes Get Paid For The Olympics

In Russia, the gold medal is worth 4 million RUB – the equivalent of about $62,000. And in France gold costs 50,000 Euros or about $56.

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