What is a dead heat and do you still get a payout?

Question

What is a dead heat and do you still get a payout?

Answer 1

both horses finish the race tied, both payout

Answer 2

on betting exchanges...

your stake is halved, and you only win or lose 50% .

i thought this was the same with book makers...

hmmm interesting

Answer 3

a common expression used in horse racing to describe a tie

depends on the race rules

Answer 4

I know what it is but I wonder how they can't pick one or the other.

It's a TIE!  This means that they came across the line exactly the same time.

And yes, you will get a payout.  If it was 2nd place, I believe that there would be no 3rd place though.  The next "place" would be 4th.

Can anyone verify this?