Here is how a lot Olympic athletes earn for profitable medals

Hidilyn Diaz of Group Philippines competes throughout the Weightlifting – Girls’s 55kg Group A on day three of the 2020 Olympic Video games at Tokyo Worldwide Discussion board on July 26, 2021 in Tokyo, Japan.

Chris Graythen | Getty Pictures

Why some athletes earn extra

Greater than 600 U.S. athletes are competing on the Tokyo Olympics, and the US has thus far gained 11 gold, 11 silver and 9 bronze.

The U.S. Olympic and Paralympic Committee rewards athletes $37,500 for each gold medal gained, $22,500 for silver and $15,000 for bronze. Most of that prize cash shouldn’t be taxable until athletes report gross earnings that exceeds $1 million.

U.S. athletes additionally obtain different types of help together with medical health insurance, entry to top-tier medical amenities and faculty tuition help.

As compared, Singapore rewards its gold medalists almost 20 instances greater than the U.S. Gamers who clinch their first particular person gold medal for the city-state stand to obtain 1 million Singapore {dollars} ($737,000). The prize cash is taxable and awardees are required to return a portion of it to their nationwide sports activities associations for future coaching and growth.

The nation despatched solely 23 athletes to Tokyo.

The sporting economic system within the U.S. permits athletes to raised monetize their abilities as most of it’s pushed by the personal sector, in response to Unmish Parthasarathi, founder and government director at consulting agency Image Board Companions.

In locations like Singapore, India and elsewhere, most of the nationwide sporting initiatives are pushed by governments that typically use increased financial rewards to encourage a rising sporting tradition, he advised CNBC.

Malaysia additionally has hefty rewards for its Olympic winners.

Athletes who win gold obtain 1 million ringgit ($236,149), whereas silver winners are awarded 300,000 ringgit, and 100,000 ringgit is given to athletes who win bronze. In greenback phrases, a Malaysian Olympic bronze winner will obtain the next efficiency reward than a gold winner from Australia or Canada.

How athletes make cash

Past receiving financial and non-monetary rewards from their international locations for profitable medals, Olympians depend on different income streams for his or her sporting endeavors.

Athletes from greater, extra aggressive international locations obtain stipends or coaching grants from their nationwide sports activities associations. Prime performers gather prize cash by profitable nationwide and worldwide tournaments. Others draw common wage by holding quite a lot of jobs.

Some, like U.S. badminton participant Zhang Beiwen, reportedly relied on crowdsourcing to finance their journey to Tokyo. Most Group USA athletes usually are not represented by sports activities brokers and a few haven’t any sponsors or endorsements in any respect, in response to a Forbes report.

Naomi Osaka of Group Japan serves throughout her Girls’s Singles Third Spherical match in opposition to Marketa Vondrousova of Group Czech Republic on day 4 of the Tokyo 2020 Olympic Video games at Ariake Tennis Park on July 27, 2021 in Tokyo, Japan.

David Ramos | Getty Pictures

A handful of athletes could rating multimillion greenback endorsements or sponsorship offers, both earlier than competing on the Olympics or after attaining success within the Video games. For instance, tennis star Naomi Osaka reportedly made $55 million from endorsements in 12 months, and was named the highest-paid feminine athlete ever, in response to experiences.

However scoring profitable offers is uncommon, and hardly the norm.

Parthasarathi identified that one worthwhile profession transfer for some athletes is to enter teaching after retirement as individuals are keen to pay a premium for former Olympians.

Disclosure: CNBC guardian NBCUniversal owns NBC Sports activities and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer season and Winter Video games by way of 2032.

>>> Read More <<<