The sport featuring "races" on an oval track and "heat" formats is athletics, more specifically, track and field. In this discipline, athletes compete in various events, including sprints, middle-distance, and long-distance races. Races are typically organized in heats, where participants qualify for finals based on their times. The use of an oval track and distinct race formats allows for exciting head-to-head competitions, showcasing speed, endurance, and strategy among athletes in thrilling sporting events.