Michael Phelps has won his 7th gold medal of the Olympics, in the 100m butterfly. But he just did it, almost pipped by the Serbian Milorad Cavic, winning only by 1/100th of a second. This is worth US1 million to Phelps, as Speedo, his sponsor will pay him this amount as incentive/bonus. The winning time was only an Olympic record, breaking the string of world records Phelps has busted this Olympics.