In a dead-heat, when two or more participants cannot be separated even after reviewing the results, the winnings are divided. The payout is calculated by dividing the original stake by the number of competitors involved in the tie, and then multiplying it by the original odds. This ensures that bettors are still paid, albeit at a reduced rate due to the tie.
Dead-Heat Example
For example, if two horses finish in a dead-heat and you bet $10 at 5/1 odds, your payout would be $10 divided by 2, multiplied by 5, resulting in a $25 return instead of the full $50.