World Athletics $2.4 million cash prize for gold medalists at Paris Olympics

• World Athletics has an offer of $2.4 million cash prize to gold medalists at the upcoming 2024 Paris Olympics
• This is the first time a global sports federation will offer cash prizes at the Olympic Games
• Silver and Bronze Medalists will not get any cash reward from World Athletics at the Paris Olympics 2024

World Athletics $2.4 million cash prize to gold medalists at the upcoming 2024 Paris Olympics is great news for track and field athletes.

This is the first time a global sports federation will offer cash prizes at the Olympic Games. The desire for athletic success and pride in one’s country drove Olympic participation in the past.

Moreover, athletes do not get cash rewards directly from the International Olympic Committee (IOC). They get Olympic medals instead.

Now, the move by World Athletics breaks with this tradition and may mark the beginning of a new phase of financial incentives for the Olympics.

World Athletics $2.4 Million Cash Prize to Olympic Gold Medalists

World Athletics will award $50,000 to each gold medalist at the Olympics in Paris. Track and field events including the 100-meter run, pole vault, and javelin, road races like the marathon and race walk, will make up the $2.4 million World Athletics Prize Pot for men and women in 2024.

Further, a total of $12,500 will be awarded to each of the four relay teams. World Athletics announced on Wednesday that all medal winners in the 2028 Olympic Games in Los Angeles would receive reward money, with specifics to be revealed closer to the competition.

Paris 2024 Olympic Gold medal. Photo/CNN

“While it is impossible to put a marketable value on winning an Olympic medal, or on the commitment and focus it takes to even represent your country at an Olympic Games, I think it is important we start somewhere and make sure some of the revenues generated by our athletes at the Olympic Games are directly returned to those who make the Games the global spectacle that it is,” World Athletics President Sebastian Coe said.

Coe is a two-time Olympic gold medal winner. He described the project as a pivotal moment for athletics. He brought out the financial difficulties that many athletes, especially those from developing nations, confront.

He noted that the goal of the World Athletics $2.4 Million cash prize to gold medalists is to provide tangible recognition for the years of commitment and hardship needed to compete at the highest level in the Olympics.

“The introduction of prize money for Olympic gold medalists underscores our commitment to empowering the athletes and recognizing the critical role they play in the success of any Olympic Games,” stated Coe.

Will Silver and Bronze Medalists Get Money from World Athletics?

Silver and Bronze Medalists will not get any cash reward from World Athletics at the Paris Olympics 2024. However, the track and field international body will have cash awards for winners in these categories in 2028 at the Los Angeles Olympic Games.

World Athletics receives its prize money from the International Olympic Committee, which generates billions of dollars in revenue through sponsorships and TV agreements.

Olympic medals. Photo/Sporting News

Millions are then annually redistributed by the IOC to national Olympic committees and international sporting federations.

According to Coe, World Athletics did not notify the IOC of its decision to award all gold medalists. It independently made the decision.

Many Olympic athletes get cash prizes from their home nations for winning medals. Athletes who win gold, silver, or bronze medals are awarded $37,500, $22,500, and $15,000 by the U.S. Olympic and Paralympic Committee.

Bonuses for gold medalists can be far higher in some nations that have fewer athletes. For instance, Singapore offers over $740,000, while Hong Kong offers the equivalent of roughly $638,000.

However, some nations, such as the United Kingdom and New Zealand, don’t provide any prize money at all.

Reactions

Reactions to the announcement have been conflicting.  Numerous athletes have praised the effort, especially those from nations with weak financial support networks.

They can devote all of their attention to their sporting careers because the prize money can go a long way toward covering their living and training costs.

Nonetheless, some opponents contend that the introduction of monetary awards could lessen the spirit of pure Olympic competition and give precedence to monetary gain over physical achievement.

There are also worries that more affluent countries could profit more, which could lead to an increase in the athletics-related divide between developed and underdeveloped nations.