The surprise winners of Peter Thiel’s Enhanced Games, dubbed 'the Olympics on steroids,' were athletes who refused to dope

Peter Thiel has built a career making early bets on ideas many people initially viewed as unconventional. Now, the billionaire investor is backing one of his most controversial projects yet: the Enhanced Games (1), a Las Vegas competition where athletes use performance-enhancing drugs in hopes of breaking records and winning big cash prizes.

Critics (1) have called it the “Olympics on steroids.” The event allows athletes to use substances approved by the U.S. Food and Drug Administration, including testosterone (2) and human growth hormone (3) — substances still banned by major sports organizations.

Must Read

• Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one

• Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and 3 simple steps to fix it ASAP

• Vanguard’s outlook on U.S. stocks is raising alarm bells for retirees. Here’s why and how to protect yourself

Unlike traditional competitions, the Enhanced Games openly allow athletes to use these drugs under medical supervision in an effort to push the limits of human performance.

Thiel’s involvement traces back to a relationship with founder Aron D’Souza (4), which began more than a decade ago. Years later, as D’Souza began raising money for the competition, co-founder Christian Angermayer turned to Thiel and others in his investor network for support.

A connection years in the making

Thiel’s investment in the competition also fits a broader pattern in his investing. Before backing the games, he invested in Christian Angermayer’s biotech company, ATAI Life Sciences, which develops mental health treatments using compounds like psilocybin. Thiel helped support a $125 million funding (5) round for the company.

That willingness to support unconventional ideas also shaped his relationship with D’Souza. The pair first connected during the legal battle that ultimately brought down Gawker (6), a media company that had previously published details about Thiel’s personal life.

Thiel said that he had spent roughly $10 million (7) helping fund lawsuits against Gawker Media, including Hogan’s case. D’Souza brought the legal strategy to Thiel, linking the pair through one of the decade’s biggest media battles. The lawsuit ultimately ended with a $140 million verdict that pushed Gawker into bankruptcy.

Read More: 7 top habits of 'quietly wealthy' Americans. How many do you follow?

Why athletes are chasing the money

Athletes competing in the Games are taking a risk that goes beyond criticism. For some, participating could hurt future opportunities in traditional sports. Winners can earn large payouts, while athletes who break world records can receive bonuses of up to $1 million.

British swimmer Ben Proud, who won silver in the 50-meter freestyle at the Paris Olympics in 2024, is aiming for a world record and a potential seven-figure payday. Even athletes who do not break records can still walk away with significant prize money.

Proud has faced criticism for joining the competition and could face Olympic bans. Aquatics GB has said he would not be selected again for Britain’s Olympic team if he participates.

Still, Proud suggested money played a major role in his decision.

“There’s no money in sport,” Proud told the BBC before the games (1). “I was 30 and had just come off a silver medal, what future path do I follow?”

Proud has said it would take about 13 years of World Championship wins to earn the same amount available through a single competition. Organizers have already awarded a $1 million prize to swimmer Kristian Gkolomeev (8) for breaking a world-record time during earlier trials.

What comes next?

D’Souza has argued that traditional sports organizations have failed athletes through low pay and outdated rules. The project initially launched with support from investors, including Thiel and a firm led by Donald Trump Jr., but it has since expanded beyond sporting events. Earlier this month, Enhanced Group, the company behind the Games, began trading on the New York Stock Exchange (9).

The company now appears to be building a larger business around human enhancement. Alongside the competition, it is using its platform (10) to promote and sell products online, including supplements, peptides, testosterone injections and other performance-focused treatments.

Not everyone believes that is a step forward. Critics argue that the competition could normalize performance-enhancing drug use and create new risks for athletes. Travis Tygart (1), chief executive of the U.S. Anti-Doping Agency, told the BBC that while traditional sports systems have flaws, the answer is not encouraging drug use.

“You don’t have to be pressured or use drugs in order to be the best,” Tygart said. He also warned that young athletes should not feel they need to use potentially dangerous substances just to compete at the highest levels.

That broader business strategy is adding another layer to the debate, raising questions about whether the project is trying to reshape sports or expand the market for enhancement products.

You May Also Like

• The tax breaks in Trump's 'big beautiful bill' expire after 2028 — and experts say most people won't act in time. What to do before the window closes

• 'Gold still crashing!': Robert Kiyosaki admits he was wrong — but doubles down on his $35K prediction

• Millionaires under 43 hold only 25% of their wealth in stocks. Here’s where their money is actually going

• I'm 49 years old and have nothing saved for retirement. What do I do? Don't panic. Here are 7 ways to catch up fast

Enjoyed this Moneywise story? Click Follow above for more. To get our best content and exclusive interviews first, join 250,000+ readers who subscribe to our weekly newsletter.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

BBC (1), (8); U.S. Food and Drug Administration (2), (3); Arondsouza (4); CNBC (5); Forbes (6); The New York Times (7); Yahoo Finance (9); Enhanced (10)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.