Racing Bets:
In the event of a Dead Heat, your bet will be paid via the following:
Potential Cash Winnings / Number of Winners = Amount Paid
For example:
You have a $100 bet on a $5 horse that has just finished in a dead heat for first
Potential Cash Winnings ($500) / Number of Winners (2) = $500 / 2 = $250
Sports Bets:
In the event of a dead heat in sport, the bet will be paid at half face value per above.
Keep in mind a draw does not necessarily mean a dead heat, some examples are:
Football (soccer) for the most part offer 3-way markets (win/draw/win) where the option is given to bet specifically on a Draw. A bet on Team A would be resulted in a loss if the match finished as a draw.
Most US based sports (NBA, NFL, MLB) offer 2-way head to head markets as they play overtime/extra innings.
AFL does not have overtime during the regular season. A drawn match in the AFL would see a head to head bet resulted at half face value (i.e. dead heat rules applied).
NRL during the regular season plays extra time (known as Golden Point). In the event of there being no winner at the conclusion of extra time, or if the game is declared a draw, bets will be paid at half face value.