UK bookmakers agree funding deal for horse racing

LONDON Oct 24 (Reuters) - Bookmakers will pay a broadly unchanged total of 72.9 million pounds ($116.2 million) to fund British horse racing in 2013/14 after agreeing to maintain the terms of an annual levy to help the sport.

The three largest bookmakers -- William Hill, Ladbrokes and Gala Coral -- have agreed to contribute at least 45 million pounds of the total. The sum also includes an estimated 7 million pounds from betting exchange operator Betfair plus contributions from smaller betting firms.

"This will provide further stability and make possible significant additional expenditure on prize money in 2013," Levy Board Chairman Paul Lee said.