Simone Biles is one of the most decorated Olympic gymnasts therefore it comes as no surprise that she is expected to make the American team for the floor, vault, and all-around contests.
Despite her attendance at the 2024 Olympics, Biles, according to NBC Insider, will not be compensated.
The International Olympic Committee oversaw the Games and claimed that operating on a for-profit basis would have an impact on the sports. The International Olympic Committee is said to have told NBC Insider that;
“Imagine if the IOC organized the Olympic Games using a for-profit business model, it would not be the Olympic Games that we know today. The tournament would be limited to the sports that earn the greatest cash, and athletes from the 206 NOCs [National Olympic Committees] would be excluded”
However, it is the vast variety of sports and the competitors’ global origins that set the Olympic Games apart and make them so popular.
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Furthermore, American athletes do not receive compensation for competing in the Olympics, whereas medal winners do. Moreover, athletes might still receive cash compensation from their own country.
According to NPR, U.S. Olympic and Paralympic participants can receive $37,500 for gold, $22,500 for silver, and $15,000 for bronze medals.
During Biles’ debut at the Rio Olympics in 2016, she earned $25,000 for each of her four gold medals plus $10,000 for her bronze medal, according to information available.
She is also said to have received $22,500 for silver and $15,000 for bronze in 2021 bringing her total earnings to $147,500 from her seven Olympic medals.
Simone also has some endorsement deals, which include Beats by Dre, Candid Dental, GK Elite, Hershey’s, Oreo, Kellogg’s, Mattress Firm, SK-II, Uber Eats, Athleta, and K18 Hair.
