Question

What's the prize money for winning Olympic gold medal?


Answers (1)

by Lucy 2 years ago

The amount of prize money, if any, is decided by the Olympic Committee of the country that the medallist comes from. Italy pays the highest bonus for medal winning, offering over $180,000 (about £115,000) for a gold medal. Russia also offers big cash prizes. Malaysia is said to have offered over half a million dollars to any athlete who takes gold, but as this hasn't happened for over 50 years it's not sure whether the prize is still available.

The US is comparatively modest - the rate there is $25,000 for winning a gold medal, with $15,000 for silver and $10,000 for bronze. Great Britain, like certain other countries, doesn't offer its medallists any money at all.

Most of the money earned by Olympic athletes comes from sponsorship. This is obviously tied to how well they perform, but often deals are made before the events, so it is a bit of a gamble for the sponsors.

Sponsorship money can be huge - for exampe it has been estimated that sponsorship for sprinter Usain Bolt will work out at $2 million per second since his latest win on 5 August.

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