The International Olympic Committee (IOC) prohibits payment to athletes in the Olympics to preserve the spirit of the games.
Instead of prize money, athletes receive recognition, respect, and admiration. While some nations offer incentives to their medal-winning athletes, the International Olympic Committee (IOC) maintains its stance on the matter.
Hence, World Athletics will offer cash payments to Olympic gold medalists at the 2024 Paris Olympic Games, becoming the first international federation to offer prize money directly to Olympic medalists.
The prize money for the 48 men's and women's athletics events at the 2024 Olympics will amount to $2.4 million, with gold medal winners receiving $50,000 each.
According to WHQR Public Media, some countries give athletes bonuses for medaling. Some offer Olympic athletes large medal bonuses, while others offer none.
The U.S. Olympic and Paralympic Committee awards its athletes $37,500 for gold medals, $22,500 for silver medals, and $15,000 for bronze medals.
Hong Kong and Singapore offer much larger bonuses, while the U.K. and New Zealand offer no prize money.
World Athletics plans to pay prize money to all medal winners in the 2028 Olympic Games in Los Angeles on a tiered basis.
The decision to offer cash payments to Olympic medalists is part of World Athletics' commitment to empowering athletes and recognizing their critical role in the success of any Olympic Games.
With this move, skateboarding Olympians and other athletes will soon receive direct cash payments to gold medalists, instead of just incentives or accolades.