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What is a level playing field?

What is a level playing field? Here are some definitions.

Noun
  1. A situation which offers no advantage to any particular person or side.
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We can operate on a level playing field, in which effort, struggle, and talent win out in the end.
Mutual recognition is the sole guarantor that there will be a relatively level playing field in any source jurisdiction.
He said that other financial services providers seek what they called a level playing field with credit unions.
The competition takes place on a level playing field, where every country has a chance to participate on equal terms.
This will enable rival vendors to develop products that can compete on a level playing field in the work group server operating system market.
It seems that this is antithetic to the cause of creating an level playing field for students.

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