A dead heat in betting is when two or more participants tie for a position in an event.
In Horse Racing if two horses or more cross the finish line together and cannot be separated, even after a photo finish, a dead heat is declared.
How is my bet calculated?
If you have staked £10 on a horse at odds of 10/1 but two horses have been declared winners, you will get paid half your stake at the full odds:
£5 x 10/1 + £5 stake returned = £55 winnings
For three runners tied your stake is divided by three and so on.
Check out how dead heats are calculated on the Exchange here.