… Boxing has joined the fray with IBA paying boxers handsome prize money in their major events
For the uninitiated, the just-concluded World Athletics Championships in Budapest, Hungary, was not about winning medals only.
In addition to the medals, a total of $8,498,000 prize money for the successful athletes in Budapest was up for grabs in the nine-day event, making athletics one of the world’s richest sports.
Gold medallists earned $70,000, silver $35,000 and bronze $22,000.
Which means Kenya’s Faith Kipyegon and Noah Lyles of the USA both of whom won double gold medals earned $140,000.
If you convert $140,000 in Kenya currency, Faith is now 20,265,000 million richer, enough inspiration for parents to urge their children with athletics potential to take the sport seriously.
The American sprinter will also get a share of $80,000 prize money for winning the 4x100m relays. Silver medallists in the relays earn $40,000 and bronze $20,000.
Any athlete who sets a world record that is considered an improvement and not equal to the previous record will be eligible for a separate reward of $100,000 (not factored in below). The last two athletes to receive this special award for their world records were USA’s Sydney McLaughlin-Levrone for the 400-meter race and Sweden’s Mondo Duplantis for the pole vault last year in Oregon.
Sponsors like Japanese electronics company TDK, World Athletics’ Inside Track online hub program and new partner NTN help make these rewards possible.
Against this background, one wonders when will the International Olympic Committee (IOC), also introduce prize money in the Olympics Games taking into account they collect enough revenue from their sponsors.
International Boxing Association (IBA) has also joined the fray, paying boxers millions of dollars in their major international competitions including the continental tournaments. For instance in the year’s Africa Championships – the richest ever on African soil – in Yaounde, Cameroon, a total of $1,000,000 was at stake for the medallists including the quarter-finalists.
In this year’s World Men’s Boxing Championships in Tashkent, Uzbekistan, gold medallists in each of the 13 weight categories pocketed $200,000, silver $100,000 and $50,000 for bronze medallists.
Here’s the full payouts at the 2023 Budapest World Athletics Championships totaling $8,498,000 USD:
Individual event prize money:
Gold: US $70,000
Silver: US $35,000
Bronze: US $22,000
Fourth place: US $16,000
Fifth place: US $11,000
Sixth place: US $7000
Seventh place: US $6000
Eighth place: US $5000
Relays prize money (per team):
Gold: US $80,000
Silver: US $40,000
Bronze: US $20,000
Fourth place: US $16,000
Fifth place: USD $12,000
Sixth place: US $8000
Seventh place: US $6000
Eighth place: US $4000
Credit: Nenez Media Services / DKN Draftkings Network
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