Phelps's gamble to reap millions in rewards

Michael Phelps of holds up his gold medal after the U.S. won the men's 4 x 200 meters freestyle relay swimming final during the Beijing 2008 Olympic Games at the National Aquatics Center, August 13, 2008.

BEIJING (Reuters) - A calculated gamble to take one final short stroke paid off for Michael Phelps in the men's 100 meters butterfly on Saturday, enabling him to win his seventh Beijing gold medal and equal Mark Spitz's 1972 record.

Phelps and Serbia's Milorad Cavic were level as they raced towards the finish line but rather than take the safe option and reach for the wall, Phelps rolled his enormous shoulders over one more time in one short, sharp lunge that would make or break him.

The 23-year-old American touched in 50.58 seconds and was awarded the gold by one-hundredth of a second, the smallest possible margin in swimming.

"When I did that chop on the last stroke I thought it cost me the race," Phelps said. "But it was actually the opposite. If I had have glided I would have been way too long. I ended up making the right decision."

He also said he was unaware Serbia had lodged a protest over the result but after watching the replays, he was relieved to have been given the verdict.

"It was almost too close to see," he said. "One hundredth is the smallest of margins of victory in sport. It's pretty cool, that's all I can say."

Phelps was also coming to terms with the magnitude of his achievements in Beijing, matching Spitz's record of seven golds in a single Games and where he is now poised to become the first person to win eight gold medals at a single Olympics if the U.S. win Sunday's men's medley relay as expected.

"I am in a sort of dream world. Sometimes I have to pinch myself to make sure it is real. I am happy I am in the real world," he said.

"(My coach Bob Bowman) was the one who said to me 'dream big, anything can happen'.

"It really does show that no matter what you set your imagination to, you can do it. No matter how big your dream, anything is possible."

By equaling Spitz, Phelps earned an instant $1 million bonus from his sponsors and the likelihood of plenty more to come in endorsements but said that was never his goal.

"I'm not doing it for the money. It is something I love to do, it was my dream since I was a kid to win an Olympic medal.

"If Bob and I were in it for the money we would be in different sports. My big goal is to change the sport of swimming, for the kids coming up and also in the U.S."

(Editing by Greg Stutchbury)