Track and Field Becomes 1st Olympic Sport with Prize Money; Gold Medalists Get $50K

World Athletics announced Wednesday that it will pay prize money to gold medalists in track and field at the 2024 Summer Olympics in Paris, marking the first such instance in Olympic history.

According to James Ellingworth of the Associated Press, World Athletics President Sebastian Coe released a statement on the decision, noting a desire "to recognize that the revenue share that we receive is in large part because our athletes are the stars of the show."

World Athletics has set aside $2.4 million for the 2024 Summer Games, and each gold medalist will receive $50,000 with gold medal-winning relay teams splitting up the $50,000 amongst themselves.

While only gold medalists in track and field will be paid at the 2024 Olympics, World Athletics noted that plans are in place to pay silver and bronze medalists starting with the 2028 Summer Games in Los Angeles.

The prize money is set to come out of the Olympic revenue share that the International Olympic Committee will pay to World Athletics.

Although the Olympics were long limited to only amateur athletes who could not be paid, that changed in 1988 when pro athletes were first allowed to compete in the Olympics.

Now, a large portion of Olympic athletes are professionals who earn money competing in their respective sports throughout the year.

Over the years, track and field athletes have often been among the biggest stars at the Olympics, and while many have scored significant endorsement deals, they have not been paid directly based on their performance.

American sprinters Noah Lyles and Sha'Carri Richardson are favored to win the men's and women's 100-meter dash events, respectively, at the 2024 Summer Olympics, and they could be among the first Olympic athletes to be paid for winning gold as well.