Levy Board warns of 'challenging conditions' as it pledges £66m to prize-money

British racing has been warned of "challenging conditions ahead" for all-important prize-money levels as the Levy Board signalled a fall in its own contribution in 2023 from the bets placed by punters.

Next year's figure of £66 million will still amount to £7m more than was originally budgeted for the pre-Covid years of 2018 and 2019.

But the Levy Board warned it may have to revise the budgeted figure next year due to economic conditions as well as data provided by major bookmakers which has shown "a fall in horseracing betting turnover and gross win in recent months".