If you're like us, you've probably found yourself curiously Googling endless Olympic-related questions over the past few months in the run-up to the 2024 Summer Olympics. While many aspects of the Olympics are well known, the economic elements, especially information about the athletes themselves, are less widely known.
If you are looking for answers to questions such as: How much is a gold medal worth? Do Olympic athletes get paid? Can you really compete for free? — Today is your lucky day.
As we approach the 2024 Summer Olympics in Paris, France, here are answers to all your money-related questions regarding Olympic athletes.
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Do Olympic athletes get paid?
In the traditional sense, no. Olympic athletes are not paid. However, they have opportunities to earn money in other ways that make their respective Olympic careers very lucrative (more on that later).
The International Olympic Committee embraces values-based ethics and has never sought to incorporate a for-profit business model. In a statement provided to NBC Insiderthe IOC threw a hypothesis our way.
“Imagine if the IOC organized the Olympic Games based on a commercial business model,” they explained. “This event will be limited to the sports that generate the most revenue and will not include athletes representing teams from the 206 NOCs. It is not the Olympics as we know it. But it is a truly huge range of sports. “What sets the Olympics apart from other events and makes them a success is the global origin of the athletes. The Olympics are the only event that unites the entire world in peaceful competition.”
It makes sense; profiting from the countless athletes competing in the Olympics would go against the spirit of competition that has been going on for generations.
But don't worry. Olympic athletes are paid directly by their respective national Olympic competition committees. According to a 2021 report by CNBC, Singapore famously awards a hefty $737,000 to gold medal winners, while American competitors can take home more than $37,000 for each first-place finish. Not bad, right?
Additionally, U.S. Olympians traditionally enjoy benefits such as tax breaks, tuition subsidies and education funding, premier health plans, and other benefits. Notably, the United States Olympic and Paralympic Committee (USOPC) also provides resources for companies looking to expand their brands and explore marketing opportunities.
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How much is an Olympic medal worth?
Depending on how much you value Olympic medals in your own mind, you may be surprised to learn how much precious metals are in the average medal. The 2022 Olympic medals reportedly included $700 worth of silver and gold. new york times.
Interestingly, gold medals are primarily silver (the IOC stipulates that all gold medals must be composed of at least 92.5% silver). These 1st place medals are gilded with 6 grams of pure gold. Did you enjoy some interesting trivia about the Olympics?
Additionally, the medals awarded at the 2024 Summer Olympics will be historic as they will include a portion of the iconic Eiffel Tower. According to documents, the iron contained was taken from parts that had been removed during various renovations and stored in storage. Associated Press.
Of course, nothing prevents Olympic athletes from selling gold, silver and bronze medals after receiving them. In fact, genuine Olympic gold medals can be found on auction sites for tens of thousands of dollars, depending on what the medal was previously owned. One such athlete is Olympic diver Greg Louganis, who is auctioning off three medals to help fund the Damien Center, Indiana's largest and most established AIDS medical services center. It is on sale.
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How do Olympic athletes make money?
Financial gain should not and is not the main motivation for athletes who want to compete in the Olympics, but it is possible to perform at the highest level on the world stage. and Earn a few bucks in the process.
Countless Team USA athletes earn money through sponsorships, endorsements, and the aforementioned prize money for bringing home an Olympic medal. If you've ever seen iconic American Olympians like Mary Lou Retton or Shaun White lined up on Wheaties cereal boxes, you've probably seen just how lucrative a successful Olympic career can be. You should know firsthand.
No athlete does it for the money or fame, but no one would turn down the sponsorship and support that comes with overwhelming Olympic success.
NBC and peacock will broadcast live coverage of the opening ceremony on Friday, July 26th at noon Eastern time. telemundo It will be broadcast in Spanish starting at 1pm ET. Primetime coverage begins at 7:30 PM ET/PT. NBC and peacock.
