Crowdfunding helps finance Olympics athletes, under USD1 million so far

12 August 2016

Crowdfunding financing services helped many Olympic athletes to come to the games and bring their families, according to the latest statistics from the industry players. GoFundMe helped various participants of the Olympics raise over 750 thousand US dollars with additional 50 thousand raised through Indiegogo for training and travelling to the venue in Rio de Janeiro.

Some of the game participants using crowdfunding services have already won medals, and among them there are such names as Caleb Dressel and Chase Kalisz, swimmers for the US. They turned to GoFundMe to collect money for paying for the travel of their households to the Olympics.

Fee charged by GoFundMe service is 5% with 2.9% charged for credit card payments processing, similar fee is with Indiegogo, while some web-based crowdfunding services collect no fee.

While winning the leading places during the games, athletes have to make every effort to finance their preparation and expenses, going to other works and asking their neighbors to help in financing in the past. Now crowdfunding provides larger opportunities for covering such costs.

Olympics financing support was seen in 2012 by GoFundMe and Indiegogo with 56 thousand US dollars raised for bobsled players in 2014.

The services forecast expanded financing support for sports players within the following years, including Tokyo Games in 2020. Executives of the crowdfunding platforms say the service is going to grow more and get stronger.

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