We can expect an amazing show in London this summer. Athletes from all over the world will push their abilities to the maximum in search for a prized Olympic medal. Additionally, national Olympic committees will be offering cash rewards to athletes who take gold in their disciplines: a gold medallist from Malaysia will walk away with about £400,000 for example and if they emerge triumphant from badminton they will receive an additional £380,000.

Italy and Singapore are the most generous nations ready to pay the price to see their national athletes on the podium. Singaporean athletes are being offered £510,000 for a gold medal while Italy offers £116,000 to its athletes.

However, these figures are very low compared to what sponsors could pay an athlete who sets a new world record.

According to Peter Carlisle, managing director of Olympics and Action Sports at sport consultancy Octagon, winning a gold medal could translate into sponsorships worth millions of pounds especially for swimming, track and field, and gymnastics, as they are sports that attract the most interest from sponsors.

Maria Sharapova knows well about the benefit of sponsorship: over the last 12 months, she earned $27.1 million, of which no less than $22 million was gained from sponsors. She sets a record and joins the Forbes rich list as highest-paid female athlete in the world for an eight straight year.