Equipment:
Rackets
Shuttles
Net

Description:
Badminton's history dates back to ancient Greece, but it was not until the 1992 Olympics in Barcelona, Spain, that it became an official Olympic event.
Badminton, a favorite family pastime, is inexpensive to buy. A basic kit includes everything you need: rackets, shuttles and a net. (Playing with a net is optional. Marking the net and boundaries with chalk on the driveway works just as well.)
The Olympic event can be played as singles or doubles. The first team or player to reach 15 points wins. Shuttles must go over the net and stay within boundaries to be considered fair play.

Other comments or suggestions:
You can make your own gold, silver and bronze medals with construction paper and ribbons.
Or rewards can be food based: ice cream, cookies, and chips.
Or rewards can be chore based: 1 free night no dishes, 1 free day of not making your bed, 1 extra hour of TV time.
Have fun with it. Let the family decide beforehand what the Olympic rewards will be.