What does Dead Heat mean in betting?

Dead Heat is a situation where two or more participants finish with the same result and the winner cannot be separated.

How does it work?

The term is most common in horse racing, but it is also used in other markets where a tied finishing position is possible. In that case, the payout on the bet is usually split. If the player backed a participant involved in a dead heat, part of the stake may be settled as a winner and part as a loser, or the odds may be adjusted according to the bookmaker’s rules.

The term matters because Dead Heat settlement does not work like a normal full win. On the banner or in the bet slip, the wager may look like a winner, but the final payout can still be lower than the full amount.