How much money do olympic athletes make for medals

The endorsements however only come to the cream of the Olympic crop, with athletes like phenom Michael Phelps scoring the most medals ever and the most endorsement deal riches. Mevals tables below show the breakdown. That Olympic medal money only goes to U. The table below shows how much money an American champion makes per medal. Aside from the U. Olympic medal money bonuses in the table above, most other countries pay plympic own prizes. The table below shows some of the top pay rates for gold medals from different countries.

Olympic Money by Country

Finishing fourth place in the meter speed skating race at a key world championship competition earned Mitch Whitmore a nine-month stipend to help fund his training and living expenses. But had he skated half a second faster to finish third, he would have secured a spot on the podium and a monthly stipend that was hundreds of dollars higher, he says. That would have made a difference. Whitmore and many other Olympians are stretched thin financially, often footing hefty team fees and travel expenses. Meanwhile, a rigorous, full-time training schedule leaves little time for paid work. NerdWallet talked to winter athletes competing in the Games in Pyeongchang, South Korea, about what being an Olympian means for their budgets. Whitmore competed in the Sochi Games and the Vancouver Games and hopes to win his first Olympic medal in Pyeongchang. He relies on the performance-based stipends from the U. Olympic Committee to pay for rent and food, he says. You want it to just be about the competition. The biggest sponsorships often go to the top one or two competitors in each sport.

Olympic Medal Money: How Much do Athletes Get?

Take alpine skier Stacey Cook, for example. She has competed in three Olympic Games but has never medaled in one, and is competing at the Pyeongchang Games alongside teammates including Lindsey Vonn, who has two U. Olympic medals in the sport and has been sponsored by companies including GoPro and Oakley. Cook is sponsored by Mammoth Mountain Ski Area, her home resort in Mammoth Lakes, California, where she hosts camps, fundraisers and other events. Bean and Kashi. Training for the Olympic circuit is a full-time job, but some athletes make time for part-time gigs. Two-time Olympic cross-country skier Sadie Bjornsen worked as a nanny early in her professional skiing career. First-time Olympian in bobsled Chris Kinney works remotely in a social media and marketing role for the Industrial Scaffolding Committee, an organization that provides training and certification for industrial builders.

Olympic Medal Money: How Much do Athletes Get?

Being an Olympic athlete requires a tremendous amount of dedication — and understandably so. The sports are all grueling, and to actually make it to the Olympics, an athlete needs to have trained in said grueling sport for most of their lives in order to even have a chance at making it to the games. More often than not, athletes are so focused on their training that it takes over their entire lives. Because of this, they don’t have time to work or earn a living in some way — a thought that leads many people to wonder: How much do Olympians get paid? The short answer? Uh, nothing. According to Business Insider , Olympians don’t get paid simply for participating in the games by anyone associated with the Olympics. The long answer, though, is a little more complicated than that. While an Olympic athlete won’t get paid for being part of the games, they will get paid if they win — from a variety of sources. Medal bonuses are the most common way Olympians see money from their sport of choice, for starters: The national Olympic committees from some countries offer monetary prizes for placing first, second, or third. Remember — there are thousands of athletes participating, and only about 1, medals being awarded.

John Rentoul. US Edition. Article bookmarked Find your bookmarks in your Independent Premium section, under my profile Don’t show me this message again. If you see Olympians on the Wheaties cereal box or in a TV commercial, they are getting paid. The endorsements however only come to the cream of the Olympic crop, with athletes like phenom Michael Phelps scoring the most medals ever and the most endorsement deal riches.

Olympic Money by Country

Bear in mind that her last Olympic appearance was the Atlanta games. Serena Williams is through to the second round of the women’s singles after defeating Athltees Gavrilova. Each nation has a different payment policy. Hamish McRae. Kantinka Hosszu of Hungary set a new world record in winning gold in the Women’s m Individual Medley final. One of his most valuable sponsorships is with Adidas.

How Much are Olympic Gold Medals Worth?

Athltes 2, athletes competing at the Winter Games in Pyeongchang aren’t getting paid to be. But, if they perform well, they can bring home some cash. Many countries reward medalists with bonus money. In team sports, each team member splits the pot evenly.

What is the “victory tax”?

That’s 50 percent more than what American medalists earned at the Summer Games. Miney countries, but not all, offer a » medal bonus. In the Games, there’s just one athlete from Singapore who could capitalize on the big bonus.