Why the Olympic rings still five (one for each continent) if there are 7 continents?

Yes, the 5 Olympic rings represent the 5 continents. This is based on 5 continents model. "The 7-continent model is usually taught in Western Europe, China, and most native English-speaking countries.

The 6-continent combined-America model is taught in Latin America. The 6-continent combined-Eurasia model is preferred by the geographic community, Russia, Eastern Europe, and Japan. In all of these cases, the names Australasia or Oceania may be used in place of Australia; in Canada, the government-approved Atlas of Canada names 7 continents and indicates Oceania instead. Historians may use the 5-continent model in which North Africa is separated from Sub-Saharan Africa and included in Eurasia (Jared Diamond) or the 4-continent Afro-Eurasian (Andre Gunder Frank).

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