The British Horseracing Authority does not expect the UK's decision to leave the European Union to have a substantial impact on the sport in the short term.

Despite bookmakers making the 'Remain' vote the long odds-on favourite when the ballot was opened on Thursday afternoon, racing was on Friday digesting the momentous decision of the nation to leave the EU.

Brexit and the subsequent resignation of Prime Minister David Cameron has raised questions about about the future of a number of of facets of the industry, including the replacement for the Horserace Betting Levy, which is due to be introduced in April of next year.

Other issues that need to be addressed include how Gibraltar-based bookmakers will be affected and how a new immigration policy could impact on the recruitment of stable staff.

"It is too early to assess the implications of the vote on the sector as a whole," Will Lambe, director of corporate affairs for the BHA said.

"Racing has however been proactive in considering the implications of a 'Leave' vote and identifying the areas in which it might be impacted.

"These include any possible effects on trade, betting regulation, equine welfare and the movement of horses and employment laws.

"The expectation is that there will not be a substantial impact on most of these areas, or the overall regulation and running of the sport, certainly in the short term.