Prize Payout Automation from Athlete Onboarding to Tax Compliance

Arnold Sports Festival, a prestigious event honoring Arnold Schwarzenegger's legacy, attracts the world's top bodybuilders to compete for significant prize money. Historically, paying winners was a manual, time-consuming process with many delays. Some payments took months to process. Organizers had to contact foreign athletes multiple times to collect all necessary tax information, which was followed by a lengthy tax compliance process at year-end.

Arnold Sports Festival upgraded its payment process using the Payment Labs platform to automateprize money payouts, contractor payments, and tax withholdings. This innovation allowed over $3 million to be disbursed globally after the organization adopted the solution. The platform significantly reduced the time and hassle of making payouts, condensing a process that used to take months into one week. Athletes directed any payment questions to the dedicated support team at Payment Labs, enabling the Arnold Sports Festival team to concentrate on organizing their world-class bodybuilding competitions.