Introduction
There are many different ways for an Olympic athlete to receive compensation for time and hard work. It all comes down to how good the sport is, which countries you’re from, and whether or not you win.
How Much Olympic Athletes Get Paid.
On average, the Olympians in Rio 2016 will get a $25,000 stipend for just showing up. This doesn’t cover their living expenses, though, so they have to dish out serious cash for food and housing before they can make money by winning medals. So, for example, Michael Phelps will be getting an estimated $1 million as a bonus if he wins six gold medals. That’s not even including his earnings from endorsements with Under Armour and other sponsors — which is reportedly worth around $55 million.
What Does the Olympics Prize Money Stand For
Who Pays Olympic Athletes?
Olympic athletes are not paid. They only get the honor of being an Olympian. The International Olympic Committee pays for many aspects of the games, like media rights and the activities held at the Olympics village. They then divide up the income amongst themselves to pay for their expenses. This can range from $500 to $10,000 a day, depending on where they live and how much they already make through sponsorships, advertising, and endorsements.
How can Olympic Athletes Make Money?
The maximum prize money for athletes at the 2020 Olympics is $250,000. This means that even if an athlete wins multiple medals, they will only earn a fraction of what they would have made if they had just come to Rio as tourists. There are many ways Olympic athletes can make money. If an athlete is under 18, they are eligible for the Athlete Scholarship Award program that pays out up to $36,000 to cover tuition and other school expenses. After they turn 18, they can get a monthly stipend of $2000 from the USOC. Individual sports organizations have their programs as well. For example, USA Swimming offers scholarships to promising swimmers worldwide before turning 16. At the same time, the US Figure Skating Association has a Registered Skaters’ Program offering various financial assistance to skaters at different levels.
Conclusion
Olympians get paid in different ways, depending on what sport they compete in. For example, gymnasts and track athletes earn prize money for medals won, while swimmers receive an annual stipend from the sport’s governing body. It is not uncommon for those who compete in less popular sports to have sponsors or support the government.
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