This decision marks a significant milestone as it makes track and field the first sport to introduce prize money at the Olympics.

Recognizing the evolving landscape of sports and the pivotal role of athletes in the success of the Games, World Athletics has set aside a total of $2.4 million to be distributed among the gold medalists across the 48 events in the track and field program at the Paris Olympics. In the case of relay teams, the prize money will be divided among the members.

While prize money for silver and bronze medalists is planned to be implemented starting from the 2028 Olympics in Los Angeles, this move represents a symbolic break from the amateur past of the Olympics. The introduction of prize money is viewed as a commitment by World Athletics to empower athletes and acknowledge their contributions to the Games.

Sebastian Coe, the President of World Athletics and a former gold medalist in the 1,500 meters at the 1980 and 1984 Games, expressed his support for the decision, stating, "The introduction of prize money for Olympic gold medalists is a pivotal commitment to empowering the athletes and recognizing the critical role they play in the success of any Olympic Games."

The funding for the prize money will come from the share of Olympic revenue that the International Olympic Committee (IOC) distributes to World Athletics. Coe emphasized the importance of athletes receiving a direct return from the revenues they generate while acknowledging that it is challenging to put a monetary value on the significance of winning an Olympic medal.

In response to World Athletics' announcement, the IOC stated that it is up to each sport's governing body to determine how to allocate their share of Olympic revenue. The IOC highlighted its practice of redistributing 90% of its income to support athletes and sports organizations at various levels worldwide.

To be eligible for the new prize money, athletes will have to undergo the standard anti-doping procedures at the Olympics before receiving their reward, according to World Athletics.

While the modern Olympics have historically been regarded as an amateur sports event, it is not uncommon for medalists to receive financial incentives from their respective governments, national sports bodies, or sponsors. For instance, gold medalists at the last Summer Games in Tokyo in 2021 were awarded $37,500 by the United States Olympic and Paralympic Committee. Singapore's National Olympic Council even promises a remarkable $1 million prize for Olympic gold, a feat achieved by a Singaporean competitor once before.

While track and field has taken the lead in introducing prize money at the Olympics, it remains to be seen if other sporting events will follow suit. World Athletics President Sebastian Coe refrained from speculating on the matter, leaving the door open for potential future changes.

As the Paris Olympics approach, track and field athletes are now not only vying for Olympic glory but also have an extra incentive as they compete for the coveted gold medal and the accompanying $50,000 prize money.