When the modern Olympics began in Athens in 1896, the competitions were purely amateur and professional athletes were not allowed to participate. Cash prizes were also prohibited from being awarded to the winners.
But Paris All kinds of athletes can be seen in the ongoing Olympics games. These include players who are already very rich and earn millions of dollars annually while there are also those who are facing problems and challenges in their training and playing.
Athletes who qualify for the Olympics can earn money through various sources. Many countries reward their athletes for placing on the podium. Examples include financial aid, other awards and financial honors from financial sponsors and their countries.
Pakistan’s gold medalist athlete Arshad Nadeem is also expected to get a hefty reward from the government in addition to some gold in the medal. However, apart from these, a hexagonal piece in the center taken directly from the famous Eiffel Tower has also been found.
Earlier this year, the International Olympic Committee announced that a 0.6 ounce piece of metal – known as ‘puddle iron’ – contained It is set in every medal awarded at the games, made from parts of the iconic tower structure.
The cash award is not for all Olympic athletes.
Hong Kong offers the largest gold medal prizes: about seven and a half million Amerial dollars. Players in the United States receive approximately thirty-eight thousand dollars per Gold Medal Gets For silver and bronze, this amount is less.
According to Smith College economist Andrew Zimbalist, when American athletes Simone Biles and Katie Ledecky cash their medal checks, they are not paid for by people’s taxes.
“Our Olympic movement in America is privately funded,” he says. It is the only country in the world where the government does not fund it.’
The US Olympic and Paralympic Committee relies on commercial partners and donations. Thanks to a law passed by Congress, however, athletes can receive this money tax-free.
That’s not entirely fair, says MIT economist Jon Gruber.
‘You go to work, you work 60 hours a week at a gas station to earn your thirty-eight thousand dollars. You pay taxes on it whereas an Olympic gold medalist doesn’t.’
Gruber said that winning gold earns athletes more than $38,000, even in low-profit sports. Because it leads them to sponsorships, motivational lectures and ‘maybe a great way into a job interview.’
Although the International Olympic Committee does not pay anything financially to the winners, it does not prevent national governments or organizations or sports federations from giving cash or other prizes to athletes. And this year, some federations have made the important decision to do the same at the Paris Games.
Of the 32 sports in the 2024 Olympics, only two sports, athletics and boxing, will receive cash prizes.
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The International Association of Athletics Federations, the Games’ international governing body, unexpectedly announced in April that it would award a $50,000 prize to gold medal winners at the 2024 Paris Olympics. The award is the first of its kind for a sports federation.
A month later, the World Boxing Association also announced that they would offer cash prizes. The prize of this international organization is 100,000 dollars for the Olympic champion in boxing, but a quarter of this amount is given to the national sports federations and the other quarter to the coaches.
In both categories, silver and bronze medal winners will also receive lesser cash prizes. However, the International Boxing Association awards prizes to participants up to the fifth position.
In fact, the Olympic authorities do not give cash prizes directly to the medal winners in these two sports, but the international organizations in charge of the divisions of these two sports decide to award the prizes to the athletes of these divisions in the Olympics.
The International Athletics Federation uses part of the money it receives from the International Olympic Committee to pay the prizes as part of the competition’s revenue. But some people have also raised the question whether it is right to give cash prize or not.
But giving big money and prizes to Olympic champions can be beneficial. Because some of them are facing severe financial problems. Olga Korbit, a former Soviet gymnast who won four gold and two silver medals during her career. However, in 2017, he was forced to sell his three medals for three hundred and thirty three thousand dollars.
There are many other ways for athletes to receive financial rewards after winning the Games at the Olympics.
Many Olympic athletes also receive awards in their own country.
It is said that among the countries of the world, Singapore gives the biggest awards to its medal winning athletes. Currently, a Singaporean athlete who won a gold medal in Paris earns $750,000.
For the host country France, this amount is 80 thousand euros. Moroccan players also earn a lot of money. If they win the gold medal, they will be paid two hundred thousand dollars.
This amount is more than the awards announced by the US. In the US, a foundation called ‘Operation Gold’ pays twenty-seven and a half thousand dollars to each athlete who wins a gold medal.
Some countries like UK, Norway and Sweden do not give any financial reward to their players. But in Britain, athletes are given money to train and prepare for the Olympic Games.
Saudi officials awarded karate athlete Targ Hamidi five million riyals (about $1.33 million) in Tokyo despite missing out on a gold medal after he was disqualified for an illegal kick. He won a silver medal at the 2021 Tokyo Olympics.
Other wealthy Gulf states such as Bahrain and Qatar are also known for offering hefty prizes. In 2005, Qatar offered South African swimmer Roland Schuman a multimillion-dollar contract, including a bonus of one million rand (over $50,000) for every Olympic medal or world title won—though Schuman ultimately declined the offer. was rejected.
In some countries, in addition to cash, the winning athletes are awarded lavish prizes ranging from luxury cars to apartments.
Malaysian officials have promised their athletes foreign cars if they bring medals from Paris, while Olympic winners in Kazakhstan are legally entitled to apartments – the size of their medals. will be according to
Gold Medal Price
This year’s Olympic gold medal contains 505 grams of silver and 6 grams of gold (Olympic gold medals have not been made entirely of gold since 1912). The raw value of these medals is nine hundred and fifty dollars.
The announcements of the amounts have proved controversial. Some federations have claimed that such a move ‘undermines the values of Olympism’ and is unfair to sports that cannot afford to offer prize money.
The IOC has argued that federations should focus on reducing inequality in their sport rather than giving big prizes to their winners.
But winning at the Olympics isn’t just about the money, it’s more about getting a world title and pride. Olympic champion hurdler Karsten Warholm of Norway emphasized that winning at the Olympics is often worth more than any financial reward: ‘The gold medal means a lot to me personally.’
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2024-08-11 10:07:29