60’s or 70’s horror movie with a pit full of deadly monsters

I remember a movie I watched on channel 9 WOR as a kid in the 70’s where there was this court of people dressed in ELizabethan clothing and they dispatched their enemies down a pit full of monsters very much like Jabba the Hutt would. I remember they would pull some lever and this poor slob would fall down and be devoured by these crustacean-like monsters while they would gather around with goblets of wine and cheering as if they were watching a fight. I have never been able to figure out the name but I seem to remember it being English and very dark, grainy and atmospheric. Any guesses?

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