Camelot is set to lose its licence to run the National Lottery after three decades after rival Allwyn Entertainment was named preferred applicant to take over from 2024.

The Gambling Commission, which made the selection, said Allwyn’s investment commitments would mean “growth and innovation” for the lottery resulting in increased contributions to good causes.

Camelot has run the National Lottery over three licence periods starting at its launch in 1994 – and this time faced a wider field of rivals for the new licence than at any time since then, with four applications at the final stage.

While missing out this time to Allwyn, it was named “reserve applicant” in case of a snag preventing its rival from taking over in 2024.

The other applicants were Sisal Spa and The New Lottery Company Ltd.

Andrew Rhodes, chief executive of the Gambling Commission, said: “We look forward to working with all parties to ensure a smooth handover.”

The commission said it was “content that all applicants are fit and proper to operate the National Lottery” and “satisfied that no application is impacted by sanctions related to the conflict in Ukraine”.

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Since launching in 1994, the National Lottery has raised more than £45bn for 660,000 good causes such as arts, sport and heritage across the UK, the commission said. It has created more than 6,300 new millionaires.

Allwyn welcomed the decision, saying: “Our proposal was judged to be the best way of growing returns to good causes by revitalising the National Lottery in a safe and sustainable way.

“The appointment of Allwyn will breathe fresh life into the National Lottery.”

Camelot chief executive Nigel Railton said: “I’m incredibly disappointed by today’s announcement, but we still have a critical job to do – as our current licence runs until February 2024.

“We’re now carefully reviewing the Gambling Commission’s evaluation before deciding on our next steps.”

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