Definition of Dead Heat

What does the term "dead heat" mean in the world of sports betting? What is the definition of the term "dead heat" as it applies to the world of horse racing?

In the world of horse racing, "dead heat" refers to when two horses finish in a tie.

Definition of sports betting term dead heat.  What does it mean? - Illustrated example.In most cases, the "photo finish" can be used to determine the actual winner of a race.

In cases where even a "photo finish" leaves things too close to call, the race will be considered a "dead heat".

What happens to your wager if you bet on a horse and he finishes in a dead heat?

Here is how Betfair calculates a "dead heat" if two horses tie:

[(Stake / 2) x (Odds - 1)] - (Stake / 2) = your profit/loss

If more than two horses finish in a dead heat, your profit/loss will be calculated like this:

[(Stake / No of tied runners) x (Odds - 1)] - [Stake x (No of tied runners - 1) / No of tied runners] = your profit/loss