Do Losers on Jeopardy Keep the Money?

Non-winners receive consolation prizes instead of their winnings in the game. As of May 16, 2002, consolation prizes have been $2,000 for the second-place contestant(s) and $1,000 for the third-place contestant. ... During Art Fleming's hosting run, all three contestants received their winnings in cash where applicable.

Do you stay on Jeopardy until you lose?

Jeopardy!'s executive producer, Harry Friedman, explained, "The 2003 rule change, which allows Jeopardy! players to keep playing until they're defeated, raised the question about how other five-time champions might have played under this rule.

Do Jeopardy contestants pay their own expenses?

Jeopardy contestants pay their own travel, hotel and meal expenses when they go out to Los Angeles to be on the show. However, even if a contestant winds up in third place, the $1,000 they make will probably cover most of the cost.