The Rio Olympics kicked off last week Aug. For the next two weeks, millions will watch the best athletes in the world compete for glory and national pride.

From a holistic standpoint, the Games were a smash. British athletes combined for a stunning 29 gold medals and 65 total—their best tally since The city was in a celebratory mood, and on the surface everything seemed to be working just as it should. A governmental survey estimated that the Olympics will end up will bringing Great Britain tens of billions of pounds by However, this figure has raised some eyebrows.

Does Hosting the Olympics Actually Pay Off? - The New York Times

The government ensured that the Olympic Stadium, for example, would be turned into a state-of-the-art 60, seat soccer stadium, which will now host Premier League soccer team West Ham United. British taxpayers will pick up the tab for the rest. More concerning, however, are the unreported costs of the games.

So, how do we understand what the real cost is? First, there are essentially three buckets of money that are used to host the Olympics: Many press articles refer only to the operations costs, which account for spending during the 17 days of the Games and the temporary venues.

Others refer to operations plus venues, and still others refer to all three. And Brazil, unlike London, struggled much more obviously from the start.

Do the Olympics make money? - CBS News

A string of major athletes refused to come to Rio due to fears over the mosquito-borne Zika virus. Guanabara Bay, where the sailing events will take place, is full of sewage. And a potential strike by police over unpaid wages has led to security concerns.

Meanwhile, many Brazilians have been left to wonder what would have happened if those billions had been put to other uses. A national spectacle may be good for morale, but it can also create resentment.

Rio Olympics: How much will Rio cost, and will it be worth it? — Quartz

CBS News spoke with Felipe Paiva , who lives in a Rio favela. In the face of international criticism, Rio mayor Eduardo Paes remains publicly confident , however.

We said the Olympics would make progress on some problems. Alex on Twitter at viewfromamerica. We welcome your comments at ideas qz.

Olympic Games: Legacy or Money Pit?

BETTING THE HOUSE Is hosting the Olympics ever worth the cost? Written by Alex Haddon. How much will Rio cost, and will it be worth it?