Olympics: Joseph Schooling gets to keep his $1m prize money

Joseph Schooling celebrating after winning the 100m butterfly final. PHOTO: AFP

SINGAPORE - Joseph Schooling will stand to become a millionaire, thanks to his gold medal win at the Rio Olympic Games.

The reward for an individual Olympic gold is $1 million, under the Singapore National Olympic Council's Multi-Million Dollar Award Programme (MAP).

And he can keep that prize money, according to CBS Sports in a report that was released earlier on Saturday (Aug 13) shortly after Schooling's victory in the 100m butterfly event and securing Singapore's first Olympic gold.

The report said that National Collegiate Athletic Association (NCAA) rules state that student-athletes are not allowed to accept prize money.

But that rule does not apply to foreign athletes like Schooling. So the 21-year-old, who is a student-athlete competing for the University of Texas at Austin, gets to keep the cash.

Under the MAP, athletes are expected to give 20 per cent of their earnings to their National Sports Association.

SPH Brightcove Video
Joseph Schooling made history with Singapore's first ever Olympic gold medal. The swimmer clocked 50.39s and broke an Olympic record in the 100m Men's Butterfly at Rio 2016. Back home, Singaporeans celebrated as he swam his way to victory.

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