While there is no formal prize money offered by World Aquatics or the International Olympic Committee at the Paris 2024 Summer Olympic Games, there are still big financial rewards on the line.
Besides the immeasurable indirect career and endorsement opportunities that come from winning gold, some countries offer prize money (Joseph Schooling’s famous $SGP1 million prize from Singapore in 2016), while others offer less-tangible rewards, like military deferments in South Korea.
There is no direct prize money for Olympic success in swimming – though World Athletics drew attention and ire of their peers by offering $2.4 million in Olympic prize money in Paris – but American athletes have access to the Operation Gold program.
This program awards prize money to medalists at the Olympic Games (and other major international meets in non-Olympic years). This prize money is exempt from NCAA rules that still disallow athletes from receiving prize money for their athletic results in most cases.
There have historically been two Operation Gold pools for USA Swimmers to draw from: one from the USOPC, and another from USA Swimming.
USOPC Operation Gold Money
- 1st place – $37,500
- 2nd place – $22,500
- 3rd place – $15,000
This prize money remains the same from the Tokyo 2020 Olympics.
At the most recent Olympics in Beijing, these payouts amounted to $5.6 million.
USA Swimming offered Operation Gold payouts at the 2016 Olympic Games, but offer no information about Operation Gold programs on their website. A USA Swimming spokesperson did not respond to a request for more information about a USA Swimming Operation Gold program.
Coaches’ Incentives
USA Swimming does offer a Coach Incentive Program that offers a distribution of funds to coaches of individual (American) Olympic medalists in the pool and in open water.
While USA Swimming doesn’t define how much money is available in this prize pool, it does share who is eligible.
A. Primary Coach:
The coach who is the coach of the athlete at the time of the medal-winning performance at the Operation Gold Competition. The coach must have been coaching the athlete for at least 90 consecutive days within a 24-month period prior to the medal-winning performance at the Operation Gold Competition.B. University Coach:
The Head Coach of the University program who coached the athlete during his/her years at University. (If a University Coach is the Primary Coach, they may not receive credit twice. The University Coach must have coached the athlete for two college seasons at the time of the medal-winning performance at the Operation Gold Competition to receive University Coach credit.)C. Developmental Coach:
The coach(es) who provided the training foundation for these athletes during a minimum of 24 consecutive months of the “critical development years” (ages 11-18).D. Post Developmental Coach:
Any coach who has coached the athlete for at least 24 consecutive months from age 18 onwards.
Primary coaches receive four shares of funding for a gold medal performance, two shares for a silver medal performance, and one share for a bronze medal performance. Coaches who coached an athlete for five years or more consecutive years during their career receive an extra share.
The available dollars will be divided by the total number of shares to determine the value of each share.
Less combined than the enhanced games sadly
Magnussen is such a doorknob bro
This issue gets complicated very quickly, but most likely the athletes are the most poorly compensated of all those grabbing a slice of the pie, particularly for the amount of input.
They could have nipped the miserly payouts in the bud if they brought back cigarette advertising. Think of how much Katie could earn in sponsorship dollars if she came to the pool, puffing away on a Marlboro.
Not impressed with these payouts. These athletes are deserving of so much more.
Old white guys with money voting this comment down.
Is it known what a coach’s share has been in the past? Like is it $100? $1,000?
The share is pretty generous. In the thousands depending on medals won. But it should be. Coaches help shape these amazing athletes. You can’t succeed without a team.
Let me ask around and see…
Wow. Surprised that it really hasn’t changed much in 20 years.
IOC should pay more prize money to the medalists. After all, they’re making profits from the hard work of the athletes.
The IOC doesn’t make a profit. They are a non-profit organisation. Olympics always make big losses.
So where did billions that were gained from TV rights go?
Here’s the 2022 financial highlights if you want to dig deeper.
https://stillmed.olympics.com/media/Documents/International-Olympic-Committee/Annual-report/IOC-Annual-Report-2022.pdf
The IOC says that it retains 10% of its revenue for operations and sport development activities and distribute 90% to “promotion of the Olympic Movement,” distributing to NOCs and NGBs and global governing bodies, etc.
There’s a blurry line in Olympic sports, because many of the people working in Olympic sport have roles outside of Olympic sport that benefit financially or politically from the Olympic movement. Sometimes that’s private companies, sometimes they work for governments.
They spend a lot of it on money losing programs like the Youth Olympic Games.
IOC members receive per diems between $450 and $900, with first class… Read more »
“IKEA is a non-profit”
What???!?
Thanks for elucidating on IOC finances.
Yup, because $500 a day per diem isn’t profit, and $1000a night hotel, and 3 star food for free, free outfits… Etc
The answer is not a lot compared to your sponsorships