Australian swimming legend Kyle Chalmers has warned that Olympic athletes are being driven into the arms of the Enhanced Games because the International Olympic Committee refuses to pay them properly.

After winning the men's 100-metre freestyle at the Australian trials in Sydney on Wednesday night, Chalmers didn't hold back. He said he's completely disillusioned with the current system and fears more competitors will defect to the rival event, which allows performance-enhancing drugs and offers huge cash prizes.

“It's really sad to see how uneven it is, especially when an IOC president comes out and makes pretty harsh comments through that period of time,” Chalmers said.

IOC president Kirsty Coventry recently said she doesn't support prize money for Olympians. She argued funding should go to national federations to support a broader group of athletes, not just medallists.

Chalmers, 28, is a father with a young family and a mortgage. He says the financial reality of elite swimming is brutal.

“For me to come to trials, it cost me $5000. For me to race tonight, it cost me $36. It's a sport that takes a lot from you,” he said.

Last year, this masthead reported that Chalmers turned down a multi-million-dollar offer to compete at the Enhanced Games. The event took place in Las Vegas last month and featured swimmers, athletics stars and weightlifters using performance-enhancing drugs while competing for world record bonuses worth up to $US1 million ($1.4 million).

Chalmers pointed to American swimmer Hunter Armstrong, who competed as a clean athlete in two races at the Enhanced Games and took home $US375,000 ($535,000) in prize money plus an appearance fee. Armstrong is now unlikely to be allowed at the next Olympics because of his association with the event, though he plans to challenge any ban in court.

“I think I've won 48 international medals. I would have got less prize money for those 48 international medals than Hunter Armstrong [did at the Enhanced Games],” Chalmers said.

At last year's world championships, swimmers received $US20,000 ($28,000) for victories. At the upcoming Commonwealth Games, mining billionaire Gina Rinehart has committed to paying Australian swimmers $20,000 for gold, $15,000 for silver and $10,000 for bronze through a 'Patron's Medal Achievement Incentive Fund'.

Chalmers said he won't criticise athletes who choose the Enhanced Games to better themselves financially.

“I truly believe that more and more athletes will be more inclined to go across there and walk away [from] the sport in a slightly better financial situation than what they would have if they chose the right path and represented their country and went to four or five Olympics,” he said.

“I'm not going to ever criticise athletes for going and wanting to better themselves and set their families up.”

Enhanced Games organisers have vowed to host another event next year and have promised $US10 million ($14 million) to anyone who breaks Usain Bolt's 100m world record. James Magnussen, the only Australian to compete at the first Enhanced Games, has said he wants to lure Dolphins star Cam McEvoy to the event.

Chalmers, a three-time Olympic medallist in the 100m freestyle, is determined to continue through to the 2028 Los Angeles Olympics. He still believes he can beat his personal best of 47.08 seconds.

“I think the day that I no longer believe I'm capable of swimming a personal best time is the day that I probably step away from the sport,” he said.

But he made clear the financial strain is real. His wife is on a student visa and can't work in Australia. He's not part of a sporting institute. He funds everything himself.

“I really hope that from the top right down, there's going to be some change. Whether it's in my sporting career or not, hopefully I can at least speak up to make it a little bit better for the next generation coming through because I don't see why you would probably choose this avenue honestly, as sad as it is,” Chalmers said.

“There's a very big false narrative out there that if you're an Olympic athlete winning gold medals, that you've kind of set yourself up in life. It's very far from the truth.”