World Athletics will become the first international federation to award prize money at an Olympics, an incentive which will begin at the 2024 Paris Games.

In an announcement on Wednesday, World Athletics stated that gold medal winners at the upcoming Olympic Games, in each of the 48 athletic events, will receive US$50,000 (J$7.6 million).

Relay teams that win their respective events will also receive US$50,000 which will be shared among team members.

According to a report by Yahoo! Sports, World Athletics President Sebastian Coe told reporters that the decision to award the cash prizes reflected the efforts of track and field athletes “which attract billions of eyeballs” to the television coverage of the Olympics.

“I don’t believe this is remotely at variance with the concept that the International Olympic Committee often talks about, which is recognising the efforts that our competitors make for the overall success of the Games,” Coe is quoted saying.

The total prize fund of US$2.4 million will come from the International Olympic Committee’s (IOC) revenue share allocation that World Athletic that World Athletics receives every four years, reports said.

It is expected that for the 2028 Olympic Games in Los Angeles, prize money will also be extended to silver and bronze medallists.