Consultation on the scheme only closed last week , during the Cheltenham Festival .
Racing can now look forward to a new funding mechanism to replace the Horserace Betting Levy , which has been in use since 1963 .
Consultation on the scheme only closed last week , during the Cheltenham Festival , but racing can now look forward to a new funding mechanism to replace the Horserace Betting Levy , which has been in use since 1963 .