The International Olympic Committee does not award cash prizes to the winners. Many countries, however, do offer cash prizes and other incentives to medalists.
In 2012, American competitors who won Olympic medals were rewarded in cash by the US Olympic Committee. Gold medal winners received $25,000, Silver medal winners received $15,000, and Bronze medal winners received $10,000.
However, the real money is earned through commercial endorsements. Some Olympians get paid a performance bonus from sponsors for winning a medal and may sign commercial endorsements that could wind up paying them millions.
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