The Horserace Betting Levy Board has agreed the terms for the 51st Levy Scheme for 2012-13, with recommendations from the Bookmakers' Committee approved by a majority vote.

It is expected that the scheme will generate £65.9m, with William Hill, Ladbrokes and Gala Coral agreeing to guarantee a combined contribution of at least £45m for the period.

Meanwhile, Betfair will provide £6.5m to take the total aggregated estimated yield to £72.4m and each Licensed Betting Office will pay 10.75 per cent of its gross profits on UK racing.

Levy board chair Paul Lee said: "The board will be giving immediate consideration to expenditure for 2012 in the light of the resolution but, as a provisional indication, we expect to be able to plan to spend around £65m next year, an increase from £60m in 2011."

Dirk Vennix, chief executive of the Association of British Bookmakers, said: "We hope that this year's settlement offers the impetus to find a long term and sustainable solution for the future funding of racing."

However, Racecourse Association chief executive Stephen Atkin added: "While there are a number of positive aspects to the new agreement, we are disappointed that the anticipated yield for the 51st Scheme will fall short of the target range of £73.7-£80.8m as set by the Secretary of State for the 50th Scheme."

Details: www.hblb.org.uk