The Gambling Commission is looking for bidders for the National Lottery, as its current agreement with Camelot is scheduled to end in 2023.

The Commission wants the next operator to continue the improvement of the lottery by launching new innovations and ideas while also maximising its potential to help various charitable causes.

Camelot has been the only operator since the inception of the lottery in 1994. During that time, the competition has been able to raise more than £38bn for charity.

The chief executive of the Gambling Commission, Neil McArthur, stated: “We believe there is significant untapped potential for growth whilst still retaining the principles of being responsible, safe and fair.”

He added: “We are looking forward to meeting businesses, investors and interested parties over the next few months to help us to shape an exciting, fair and healthy competition which will take the UK National Lottery into a new era, and ensure it remains one of the biggest and best lotteries in the world.”

The search comes on the back of calls from the MPs earlier this year to ensure that the next licence agreement was more flexible and that it ensured a “fair return,” with the current deal too tough to make changes after the sharp drop in ticket purchases and a decline in income.

A report was also able to uncover that the profits of Camelot from the venture had increased from £39m to £71m in the seven years between 2010 and 2017, however, the funds for charities increased by only two percent.

In 2010, Camelot was acquired by Ontario Teachers’ Pension Plan, one of the biggest pension funds of Canada, for £389m before being given a four-year extension on their deal in 2012.

In 2013, the costs of the tickets rose from £1 to £2, the first change since its inauguration. The sales of the lottery amounted to £6.9bn in 2017.