Do Olympic athletes get paid?

Competing at the Olympics takes years of hard work and determination to perform in their sport and compete against other world-class athletes for the chance of winning a medal. For many athletes this is all they require as motivation, however, do we think that Olympic Athletes deserve financial support compensation for their work?

 

Do all countries pay their athletes?

The UK, Norway, Iceland and Sweden do not pay their athletes for winning or participating in the Olympic games.

The Olympics began for amateur sportsman to compete with no financial reward or bonus on offer. Being an Olympic athlete did and still does bring respect and fame within the industry as well as publicly, especially with the popularity of social media.

Many countries do offer financial rewards in some form to their winning athletes, with the top 15 paying over $100,000 to those winning a Gold medal this year.

Hong Kong are at the top of the list offering over $768,000 for gold and $380,000 for winning Silver.

 

Singapore reward gold medallists almost 20 times more than the US according the NBC News with individual gold medallists earning $737,000.

The US Olympic and Paralympic committee pays their athletes $37,000 for winning gold, $22,500 for silver and $15,000 for bronze.

 

Other forms of reward

Malaysia and Bulgaria offer their financial rewards in an alternative way rather than a lump sum. They offer monthly allowances of $1000 for life for gold medallists.

New Zealand offer $40,000 annually until the next Olympic games commences for their gold winners.

Poland is celebrating 100 years since their first participation in the Olympic games this year and are offering an extra reward for their athletes. Forbes reports that Poland are already providing $82,000 for winner of gold, a painting from a talented Polish artist for every medallist, an investment grade diamond and a vacation voucher for 2 for winners of gold. This year they are also providing winners of gold a 2-bed apartment in Warsaw and athletes of team sports in first place will receive a 1-bed flat.

flags of the world

Governing bodies

It is down to each individual governing body for each sport to offer financial reward or not. This year World Athletics are offering gold medallists in track and field a financial reward. They have reportedly set aside $2.4 million for this reward for all winners. This is the first time an international governing body will be awarding prize money at the Olympics.

 

Other ways athletes make money

Sponsorship

Sponsorship is one way athletes make money aside from hoping for reward money. Athletes such as, Simone Biles will make millions each year from sponsorships alone.

Many athletes will apply for grants to cover the cost of their training and whilst they are at the Olympics, flights, accommodation and food is all paid for.

However, whilst athletes train for numerous hours a day to prepare for the Olympics, those who are less famous and receive no sponsorship deals to keep them going are known to struggle financially.

USA Today Sports reveals a 2020 study done by Global Athlete, which looked at almost 500 elite athletes across 48 countries found that 58% of athletes did not consider themselves financially stable. Most felt they did not receive the appropriate amount of financial support from the international Olympic Committee or National Federations.

So, unless athletes win at the Olympics they will be leaving without a medal and without any financial support for their training and hard work.

Do you think Olympic athletes should be paid?