How much Turkish, global Olympic athletes earn, common side hustles

The Olympics are a global stage where athletes from around the world compete for glory, but the financial rewards international and Turkish Olympic athletes receive vary significantly.

While winning a medal at the Olympics is a remarkable achievement, the compensation athletes receive can depend on many factors, including their country of origin, the availability of government support, and their ability to secure additional income through side jobs and endorsements.

So let’s check out how much Olympic athletes earn, the criteria determining their earnings, who earns the most, and the various ways they supplement their income.

Country-by-country comparison of Olympic medal earnings

Olympic athletes do not receive a universal payout from the International Olympic Committee (IOC) for winning medals. Instead, each country decides how much it will reward its athletes. In the United States, the U.S. Olympic and Paralympic Committee awards $37,500 for a gold medal, $22,500 for silver, and $15,000 for bronze. Although these amounts have increased since the 2016 Olympics, they are still on the lower end compared to other nations.

In contrast, countries like Singapore and Hong Kong offer much more substantial financial rewards. Singapore awards its gold medalists 1 million Singapore dollars (approximately $745,000), while Hong Kong provides 6 million Hong Kong dollars (approximately $768,000) to its gold medal winners. These significant payouts make these athletes among the highest-paid Olympians in the world.

Other countries also offer generous rewards. For instance, Kazakhstan provides $250,000 for a gold medal, $150,000 for silver, and $75,000 for bronze. Similarly, Malaysia offers 1 million ringgit (approximately $215,563) for gold medalists. These countries place a high value on Olympic success, often providing additional non-monetary rewards, such as apartments and cars, to their athletes.

Criteria impacting how much Olympic athletes earn for medals

Several factors influence how much Olympic athletes earn for winning medals. The most significant factor is the country’s economic capability and willingness to invest in sports. Wealthier countries or those with a strong emphasis on national pride through sports tend to offer higher rewards. For example, Singapore and Hong Kong, with their strong economies and desire to boost national pride, provide substantial financial incentives to their athletes.

Another crucial factor is the athlete’s sport. Some sports, like athletics and swimming, receive more attention and funding due to their popularity and the likelihood of winning medals. As a result, athletes in these sports may have more opportunities for endorsements and sponsorships, which can significantly increase their overall earnings.

The athlete’s public profile also plays a role. High-profile athletes who dominate in their sports, such as Simone Biles in gymnastics or Joseph Schooling in swimming, can command higher earnings through endorsements and other income streams. These athletes often have more opportunities to monetize their success beyond the financial rewards from their national Olympic committees.

Who earns most among Olympic athletes?

Athletes from countries like Singapore, Hong Kong, and Kazakhstan are among the highest earners at the Olympics. Singapore’s Joseph Schooling, who famously defeated Michael Phelps in the 100-meter butterfly at the Rio 2016 Olympics, earned 1 million Singapore dollars for his gold medal. Similarly, Hong Kong’s athletes who win gold can expect to earn approximately $768,000, making them some of the highest-paid Olympians globally.

In addition to the direct payouts from their countries, these athletes often earn substantial sums from endorsements and sponsorships. For example, athletes like Simone Biles and Katie Ledecky from the United States may earn more from endorsements than from their Olympic winnings. These endorsements often include deals with major sports brands, appearances in commercials, and collaborations with various companies.

Countries like Great Britain and Norway, however, do not offer direct financial rewards for winning Olympic medals. Instead, they focus on funding athletes’ training and development. This approach reflects a belief in supporting athletes throughout their careers rather than providing lump-sum rewards for specific achievements.

Side jobs Olympic athletes do to supplement their income

Despite the rewards for winning medals, many Olympic athletes need additional income to sustain their careers. The financial burden of training, travel, equipment, and recovery can be overwhelming, sometimes reaching up to $100,000 a year. To manage these expenses, athletes often take on side jobs or seek other income streams. Here’s how some of them do it:

Coaching and training services

• Maggie Steffens (U.S., Water Polo): Besides her achievements in water polo, Steffens works as a private coach and runs a data analytics company focused on sports.

Social media, content creation

• Jack Laugher (Great Britain, diving): Laugher supplements his income through paid content on platforms like OnlyFans, where he shares exclusive content with subscribers.
• Robbie Manson (New Zealand, rowing): Manson uses OnlyFans to generate more income than he earns from rowing, demonstrating the financial necessity of side gigs.

Traditional jobs

• Alyssa Bull (Australia, canoeing): Bull balances her training with a career as a firefighter. Her job requires teamwork skills similar to those needed in competitive sports.
• Kat Holmes (U.S., fencing): Holmes is a medical student, managing her time between intense training for the Olympics and her demanding studies at the Icahn School of Medicine at Mount Sinai.

Endorsements, brand collaborations in Türkiye

In Türkiye, several top athletes have turned to endorsements and brand collaborations to supplement their income:

• Melissa Vargas (volleyball): Originally from Cuba but now a Turkish citizen, Melissa has partnered with Monaco Chain by Sozer, a high-end jewelry brand.
• Mete Gazoz (archery): The Olympic and World Champion archer Mete Gazoz has been named a brand ambassador for Realme Türkiye, a fast-growing technology company.
• Gizem Orge (volleyball): Gizem, another prominent volleyball player from Türkiye, became the face of Celenes by Sweden, a skincare brand known for its natural ingredients.

These endorsements not only provide additional income for these athletes but also enhance their visibility and marketability, helping them secure financial stability beyond their athletic careers.

How much do Turkish Olympians earn?

In Türkiye, Olympic athletes also receive financial rewards for their achievements. The Turkish government awards 1,000 Cumhuriyet gold coins (approximately $505,000) to gold medalists, 600 coins to silver medalists, and 300 coins to bronze medalists. These awards are significant, providing athletes with a substantial financial incentive to succeed at the Olympics.

However, like their counterparts in other countries, many Turkish athletes also pursue side jobs and endorsements to support their careers. These additional income streams are crucial for covering the high costs associated with training and competition.

Turkish athletes often secure endorsements with local and international brands, which can be a significant source of income. For example, top Turkish athletes may appear in commercials, promote products on social media, or collaborate with brands on special campaigns. These endorsements not only provide financial support but also help to raise the athlete’s profile, which can lead to further opportunities.

Role of endorsements, sponsorships in athlete earnings

Endorsements and sponsorships play a vital role in supplementing the income of Olympic athletes. While the financial rewards for winning medals can be substantial, especially in countries like Singapore and Hong Kong, endorsements can significantly increase an athlete’s earnings.

Athletes with a strong public profile and a history of success at the Olympics are often sought after by major brands. For example, Biles, one of the most successful gymnasts in history, has secured endorsement deals with companies like Nike, Visa, and Beats by Dre. These deals have made her one of the highest-earning Olympians in the world.

Similarly, athletes like Michael Phelps, Usain Bolt, and Katie Ledecky have earned millions through endorsements. These deals often extend beyond the athlete’s competitive career, providing financial security long after they retire from professional sports.

In Türkiye, endorsements also play a crucial role in supporting athletes. Turkish Olympians often partner with local brands, appearing in commercials and promotional campaigns. These deals help athletes cover the costs of training and competition, allowing them to focus on achieving their best at the Olympics.