Because of the high-stakes and high-reward environment of elite sport, humans have been trying to develop timing and photo-finish equipment that will solve dead heats for decades.
TL;DR: Allowable differences in the dimensions of venues make more precise timing unreliable.
Timing beyond the hundredth of a second is not a reliable indicator of athlete performance. Instead, when capturing millimetres of movement with each frame, you might be capturing allowable differences in the measurement of the pool, track or other venue.
TL;DR: Allowable differences in the dimensions of venues make more precise timing unreliable.
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