The Olympics are a chance for the best athletes in the world to showcase their hard work and talents. If you win a medal in your category, you’ve basically reached the top of your professional career.
But besides fame and prestige, do Olympic athletes actually get paid?
Let’s take a closer look at how Olympians earn their income and the different financial rewards and opportunities they have available after their time competing.
Do US Olympians Get Paid?
While athletes are some of the highest-paid professionals in the US, they are not paid to compete in the Olympics.
The International Olympic Committee (IOC) operates on a values-based ethic, emphasizing competition among athletes instead of money. However, this doesn’t mean your favorite Olympic athlete will walk away empty-handed. The US Olympic and Paralympic Committee (USOPC) rewards winning athletes for each metal they receive.
Not to mention, winning a medal is a huge deal. Following their enormous success, former Olympians have several opportunities to make money and inspire others worldwide.
What’s The Reward For Winning An Olympic Medal?
If an Olympic athlete wins a medal, they receive a bonus reward from the USOPC. US athletes with a gold medal win $37,500, silver medalists receive $22,500, and bronze medalists get $15,000.
While these bonuses seem like a lot to us, the rewards in other countries could be even larger. For example, Hong Kong pays its athletes a whopping $737,558 for winning the top prize in their category.
The medals themselves also have value. This year’s gold medals are made with silver, gold plating, and a touch of recycled iron from the Eiffel Tower. If the athlete desperately wanted to sell it, they could get tens of thousands for a single one.
Other Ways An Olympic Athlete Earns A Living
So, what could an Olympic athlete do to get paid after competing? Here are a few ways they make money:
Sponsorship Deals
Being in the Olympics with a sense of prestige in their field. That said, many companies want the chance to associate their brands or products with successful athletes.
Take Olympic gymnast Simone Biles as a prime example. She’s partnered with high-profile brands like Nike, Gk Elite, and Uber Eats.
Once a company builds a partnership with a certain athlete, they’ll wear specific gear, appear in advertisements, and find other creative ways to promote the brand.
The more lucrative endorsement deals they have, the more they can boost their earnings.
Stipends and Grants
Being part of the Olympics can cost athletes thousands of dollars.
To help fund their dream, athletes receive stipends and grants to support their training and living expenses. National organizations like the USOPC, private donors, and some local businesses offer financial assistance and other special programs for athletes who want to compete.
These funds help Olympians focus on their training without worrying about raising money to attend the event.
Appearance Fees and Speaking Engagements
Many people worldwide want to learn more about an Olympian’s story.
For this reason, many of them earn money through public appearances and speaking engagements. They attend special events, give motivational speeches, and interview the press.
Athletes can charge well over $50,000 for a single event if they’re especially high-profile.
Coaching And Training
After retiring from competition, Olympic athletes can coach or teach others who want to follow in their footsteps. Their experience in their field helps them train the next generation of athletes, who are more than happy to pay them higher fees for their services.
The Bottom Line
Just because an athlete doesn’t get a typical salary from the games doesn’t mean they can’t earn a living or even become filthy rich from their achievements.
However, most Olympians aren’t only in it for the money. Being at the top of their sport after years of hard work is a reward in itself.
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