The Paris 2024 Olympic Games are set to host thousands of the world’s top athletes, each one representing their country. Winning medals at the Olympics brings athletes fame, recognition, and respect—cementing their names and nations in the annals of history. But amid this glory, a pressing question remains: are Olympic athletes financially rewarded for their achievements? The answer, rather surprisingly, is no. Despite the immense dedication and talent required to compete at this level, the International Olympic Committee (IOC) does not pay athletes for winning medals.

Historically, the Olympics began as an amateur competition meant to celebrate athleticism and sportsmanship. The IOC has maintained this spirit, opting to distribute its revenue to international federations and national Olympic committees (NOCs) rather than directly to the athletes. This decision is a stark reminder of the outdated and perhaps romanticised notion of amateurism that fails to acknowledge the modern realities faced by athletes.

However, in a significant departure from tradition, World Athletics announced it would award prize money at the Paris 2024 Olympics. A $2.4 million (£1.9 million) prize pot has been set aside, with gold medalists in track and field events receiving $50,000 (£39,400). Relay teams will split the reward. This move, while commendable, highlights the glaring disparity in how different sports and organisations treat their athletes.

Similarly, the International Boxing Association (IBA) has pledged financial rewards for its athletes. Boxing gold medalists will receive $100,000 (£77,700), with the athlete taking half and the rest split between their coach and NOC. Silver and bronze medalists will also receive significant financial rewards. As IBA president Umar Kremlev stated: “Our athletes and their efforts must be appreciated.”

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However, these isolated efforts raise a critical question: Why isn’t there a unified, comprehensive system to financially reward all Olympic athletes? For many, the true financial potential lies in post-Olympic sponsorships and endorsements, a reality that starkly contrasts with the ideals of equal opportunity and recognition that the Olympics claim to champion.

Let’s remember that the Olympics should represent fairness and honour, as envisioned by former IOC president Baron Pierre de Coubertin. Inspired by the ancient Olympic Games, de Coubertin founded the modern Olympics in 1894 with the aim of using sports to educate youth to build a better world. His vision sought to replicate the ancient Olympics’ spirit, including hosting an artistic competition every four years during the Games. It is time for the Olympic movement to honour its founding principles by ensuring athletes receive the recognition and financial support that truly reflects their dedication and achievements.

NOCs have the discretion to pay athletes for winning medals and there is a striking variation in their approaches. Australia pays gold medalists $20,000 (£10,137), while the USA offers $37,500 (£29,103). In contrast, Team GB athletes receive nothing for placing on the podium. Singapore stands out with its pledge of up to $1 million for an individual gold medal.

The disparity in financial rewards raises serious ethical and practical questions. How can we expect athletes to dedicate their lives to their sports without adequate financial support? How can we celebrate their achievements without acknowledging the financial struggles many face? The current system is not only unfair but also unsustainable. It is time for the IOC and NOCs to reassess their priorities and create a more equitable system that truly supports and rewards the athletes who make the Olympics possible.

So, while the Paris 2024 Olympic Games will undoubtedly showcase the incredible talents of athletes from around the world, it is crucial to address the financial inequities that persist in the Olympic system.