diff --git a/app/Http/Controllers/HorseRaceController.php b/app/Http/Controllers/HorseRaceController.php
index c11d3d7..a6f18ea 100644
--- a/app/Http/Controllers/HorseRaceController.php
+++ b/app/Http/Controllers/HorseRaceController.php
@@ -51,6 +51,7 @@ class HorseRaceController extends Controller
         // 计算各马匹当前注额
         $config = GameConfig::forGame('horse_racing')?->params ?? [];
         $houseTake = (int) ($config['house_take_percent'] ?? 5);
+        $seedPool = (int) ($config['seed_pool'] ?? 0);
 
         $horsePools = HorseBet::query()
             ->where('race_id', $race->id)
@@ -59,13 +60,13 @@ class HorseRaceController extends Controller
             ->pluck('pool', 'horse_id')
             ->toArray();
 
+        $oddsMap = HorseRace::calcOdds($horsePools, $houseTake, $seedPool);
+
         // 计算实时赔率
         $horses = $race->horses ?? [];
-        $horsesWithBets = array_map(function ($horse) use ($horsePools, $houseTake) {
+        $horsesWithBets = array_map(function ($horse) use ($horsePools, $oddsMap) {
             $horsePool = (int) ($horsePools[$horse['id']] ?? 0);
-            $totalPool = array_sum(array_values($horsePools));
-            $netPool = $totalPool * (1 - $houseTake / 100);
-            $odds = $horsePool > 0 ? round($netPool / $horsePool, 2) : null;
+            $odds = $horsePool > 0 ? ($oddsMap[$horse['id']] ?? null) : null;
 
             return [
                 'id' => $horse['id'],
diff --git a/app/Jobs/CloseHorseRaceJob.php b/app/Jobs/CloseHorseRaceJob.php
index 4aed36b..e4365ee 100644
--- a/app/Jobs/CloseHorseRaceJob.php
+++ b/app/Jobs/CloseHorseRaceJob.php
@@ -70,6 +70,7 @@ class CloseHorseRaceJob implements ShouldQueue
 
         $config = GameConfig::forGame('horse_racing')?->params ?? [];
         $houseTake = (int) ($config['house_take_percent'] ?? 5);
+        $seedPool = (int) ($config['seed_pool'] ?? 0);
         $winnerId = (int) $race->winner_horse_id;
 
         // 按马匹统计各匹下注金额
@@ -82,7 +83,7 @@ class CloseHorseRaceJob implements ShouldQueue
 
         $totalPool = array_sum($horsePools);
         $winnerPool = (int) ($horsePools[$winnerId] ?? 0);
-        $netPool = (int) ($totalPool * (1 - $houseTake / 100));
+        $distributablePool = HorseRace::calcDistributablePool($horsePools, $houseTake, $seedPool, $winnerPool);
 
         // 结算：遍历所有下注记录
         $bets = HorseBet::query()
@@ -93,7 +94,7 @@ class CloseHorseRaceJob implements ShouldQueue
 
         $totalPayout = 0;
 
-        DB::transaction(function () use ($bets, $winnerId, $netPool, $winnerPool, $currency, &$totalPayout) {
+        DB::transaction(function () use ($bets, $winnerId, $distributablePool, $winnerPool, $currency, &$totalPayout) {
             foreach ($bets as $bet) {
                 if ((int) $bet->horse_id !== $winnerId) {
                     // 未中奖（本金已在下注时扣除）
@@ -104,7 +105,7 @@ class CloseHorseRaceJob implements ShouldQueue
 
                 // 中奖：按注额比例分配净注池
                 if ($winnerPool > 0) {
-                    $payout = (int) round($netPool * ($bet->amount / $winnerPool));
+                    $payout = (int) round($distributablePool * ($bet->amount / $winnerPool));
                 } else {
                     $payout = 0;
                 }
diff --git a/app/Models/HorseRace.php b/app/Models/HorseRace.php
index 42c6079..d22aba4 100644
--- a/app/Models/HorseRace.php
+++ b/app/Models/HorseRace.php
@@ -114,33 +114,43 @@ class HorseRace extends Model
     }
 
     /**
-     * 根据注池计算各马匹实时赔率（彩池制，扣除庄家抽水后按比例分配）。
+     * 计算本场可派奖总池。
      *
-     * @param  int  $horseBetAmounts  各马匹的注额数组 [horse_id => amount]
-     * @param  int  $housePercent  庄家抽水百分比
+     * 可派奖池 = 系统初始化资金池 + 玩家总下注 - 抽水，
+     * 且至少不低于中奖马匹总下注，避免出现“押中反亏”的体验。
+     *
+     * @param  array<int, int|float>  $horseBetAmounts
+     */
+    public static function calcDistributablePool(array $horseBetAmounts, int $housePercent, int $seedPool = 0, int $winnerPool = 0): float
+    {
+        $totalPool = array_sum($horseBetAmounts);
+        $netPlayerPool = $totalPool * (1 - $housePercent / 100);
+
+        return max($netPlayerPool + max(0, $seedPool), $winnerPool);
+    }
+
+    /**
+     * 根据注池计算各马匹实时赔率（含系统初始化资金池）。
+     *
+     * @param  array<int, int|float>  $horseBetAmounts  各马匹的注额数组 [horse_id => amount]
      * @return array<int, float> horse_id => 赔率（含本金）
      */
-    public static function calcOdds(array $horseBetAmounts, int $housePercent): array
+    public static function calcOdds(array $horseBetAmounts, int $housePercent, int $seedPool = 0): array
     {
         $totalPool = array_sum($horseBetAmounts);
 
         if ($totalPool <= 0) {
-            // 尚无下注，返回等额赔率
-            $count = count($horseBetAmounts);
-
             return array_map(fn () => 1.0, $horseBetAmounts);
         }
 
-        $netPool = $totalPool * (1 - $housePercent / 100);
+        $distributablePool = static::calcDistributablePool($horseBetAmounts, $housePercent, $seedPool);
         $odds = [];
 
         foreach ($horseBetAmounts as $horseId => $amount) {
             if ($amount <= 0) {
-                // 无人押注的马，赔率设为理论最大值
-                $odds[$horseId] = round($netPool, 2);
+                $odds[$horseId] = round($distributablePool, 2);
             } else {
-                // 赔率 = 净注池 / 该马注额（含本金返还）
-                $odds[$horseId] = round($netPool / $amount, 2);
+                $odds[$horseId] = round($distributablePool / $amount, 2);
             }
         }
 
diff --git a/database/seeders/GameConfigSeeder.php b/database/seeders/GameConfigSeeder.php
index 8008103..e368428 100644
--- a/database/seeders/GameConfigSeeder.php
+++ b/database/seeders/GameConfigSeeder.php
@@ -97,6 +97,7 @@ class GameConfigSeeder extends Seeder
                     'horse_count' => 4,       // 参赛马匹数量
                     'min_bet' => 100,     // 最低押注
                     'max_bet' => 100000,  // 最高押注
+                    'seed_pool' => 10000, // 系统初始化资金池
                     'house_take_percent' => 5,       // 庄家抽水（%）
                 ],
             ],
diff --git a/resources/views/admin/game-configs/index.blade.php b/resources/views/admin/game-configs/index.blade.php
index 73e273a..40bdd86 100644
--- a/resources/views/admin/game-configs/index.blade.php
+++ b/resources/views/admin/game-configs/index.blade.php
@@ -93,10 +93,12 @@
                             @php
                                 $params = $game->params ?? [];
                                 $labels = gameParamLabels($game->game_key);
+                                $paramKeys = array_values(array_unique(array_merge(array_keys($labels), array_keys($params))));
                             @endphp
 
                             <div class="grid grid-cols-2 md:grid-cols-3 lg:grid-cols-4 gap-4">
-                                @foreach ($params as $paramKey => $paramValue)
+                                @foreach ($paramKeys as $paramKey)
+                                    @php $paramValue = $params[$paramKey] ?? ($labels[$paramKey]['default'] ?? '') @endphp
                                     @php $meta = $labels[$paramKey] ?? ['label' => $paramKey, 'type' => 'number', 'unit' => ''] @endphp
                                     <div>
                                         <label class="block text-xs font-bold text-gray-600 mb-1">
@@ -618,6 +620,7 @@
                 'horse_count' => ['label' => '参赛马匹数', 'type' => 'number', 'unit' => '匹', 'min' => 2, 'max' => 8],
                 'min_bet' => ['label' => '最低押注', 'type' => 'number', 'unit' => '金币', 'min' => 1],
                 'max_bet' => ['label' => '最高押注', 'type' => 'number', 'unit' => '金币', 'min' => 1],
+                'seed_pool' => ['label' => '系统初始化资金池', 'type' => 'number', 'unit' => '金币', 'min' => 0],
                 'house_take_percent' => [
                     'label' => '庄家抽水',
                     'type' => 'number',
diff --git a/resources/views/rooms/guide.blade.php b/resources/views/rooms/guide.blade.php
index bdb7c57..d365a4b 100644
--- a/resources/views/rooms/guide.blade.php
+++ b/resources/views/rooms/guide.blade.php
@@ -136,7 +136,8 @@
                 return [
                     '投注范围 ' . number_format($p['min_bet'] ?? 100) . '～' . number_format($p['max_bet'] ?? 100000) . ' 金币',
                     '每 ' . ($p['interval_minutes'] ?? 30) . ' 分钟一场，投注窗口 ' . ($p['bet_window_seconds'] ?? 90) . ' 秒',
-                    '平台抽成 ' . ($p['house_take_percent'] ?? 5) . '%，剩余按得票比例派奖',
+                    '系统初始化资金池 ' . number_format($p['seed_pool'] ?? 0) . ' 金币，连同玩家注池一起派奖',
+                    '平台抽成 ' . ($p['house_take_percent'] ?? 5) . '%，中奖时按占比瓜分派奖池',
                 ];
             },
         ],
diff --git a/tests/Feature/HorseRaceControllerTest.php b/tests/Feature/HorseRaceControllerTest.php
index 517715b..6e992ab 100644
--- a/tests/Feature/HorseRaceControllerTest.php
+++ b/tests/Feature/HorseRaceControllerTest.php
@@ -2,12 +2,15 @@
 
 namespace Tests\Feature;
 
+use App\Jobs\CloseHorseRaceJob;
 use App\Models\GameConfig;
 use App\Models\HorseBet;
 use App\Models\HorseRace;
 use App\Models\User;
+use App\Services\ChatStateService;
 use Illuminate\Foundation\Testing\RefreshDatabase;
 use Illuminate\Support\Facades\Event;
+use Illuminate\Support\Facades\Queue;
 use Tests\TestCase;
 
 class HorseRaceControllerTest extends TestCase
@@ -182,4 +185,66 @@ class HorseRaceControllerTest extends TestCase
         $response->assertJsonStructure(['history']);
         $this->assertCount(1, $response->json('history'));
     }
+
+    public function test_single_winner_receives_seed_pool_and_does_not_lose_principal(): void
+    {
+        Event::fake();
+        Queue::fake();
+
+        GameConfig::updateOrCreate(
+            ['game_key' => 'horse_racing'],
+            [
+                'name' => 'Horse Racing',
+                'icon' => 'horse',
+                'description' => 'Horse Racing Game',
+                'enabled' => true,
+                'params' => [
+                    'min_bet' => 100,
+                    'max_bet' => 100000,
+                    'house_take_percent' => 5,
+                    'seed_pool' => 10,
+                ],
+            ]
+        );
+
+        /** @var \App\Models\User $user */
+        $user = User::factory()->create(['jjb' => 500]);
+
+        $race = HorseRace::create([
+            'status' => 'running',
+            'bet_opens_at' => now()->subMinutes(2),
+            'bet_closes_at' => now()->subMinute(),
+            'race_starts_at' => now()->subSeconds(30),
+            'winner_horse_id' => 1,
+            'horses' => [
+                ['id' => 1, 'name' => 'Horse A', 'emoji' => '🐎'],
+                ['id' => 2, 'name' => 'Horse B', 'emoji' => '🏇'],
+            ],
+        ]);
+
+        HorseBet::create([
+            'race_id' => $race->id,
+            'user_id' => $user->id,
+            'horse_id' => 1,
+            'amount' => 100,
+            'status' => 'pending',
+        ]);
+
+        $user->decrement('jjb', 100);
+
+        $chatState = $this->createMock(ChatStateService::class);
+        $chatState->method('nextMessageId')->willReturn(1);
+        $chatState->method('pushMessage');
+
+        app()->instance(ChatStateService::class, $chatState);
+
+        (new CloseHorseRaceJob($race))->handle(app('App\Services\UserCurrencyService'), $chatState);
+
+        $bet = HorseBet::query()->first();
+
+        $this->assertNotNull($bet);
+        $this->assertSame('won', $bet->status);
+        $this->assertSame(105, $bet->payout);
+        $this->assertSame(505, $user->fresh()->jjb);
+    }
 }