Meaning of the word "level playing field" in English

What does "level playing field" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

level playing field

US /ˈlɛvəl ˈpleɪɪŋ fiːld/
UK /ˈlɛvəl ˈpleɪɪŋ fiːld/

Phrase

a situation in which everyone has the same opportunity

Example:
The new regulations aim to create a level playing field for all businesses.
Without a level playing field, smaller companies struggle to compete.