Camelot faces a rival bid from global lottery group Sugal & Damani (S&D) in the race to secure the third-term licence for the UK's National Lottery.
The ten-year licence will be "scrutinised rigorously" by the National Lottery Commission (NLC), with the winner to be finalised by the end of June this year.
Whichever firm triumphs will operate the lottery between February 1st 2009 and February 1st 2019.
"We are pleased to have received two bids that have been prepared in a highly competitive environment, and it is clear that both bidders have put in an immense amount of work to submit these bids," NLC commissioner Robert Foster said.
"Our job now is to get on and evaluate their proposals so that we select the operator who can deliver as much money as possible for good causes."
Camelot said its plans for the new term included the launch of the groundbreaking world lottery draw and a rapid expansion of its retail outlets.
"We have taken absolutely nothing for granted and I'm absolutely confident we could not have put together a better bid to deliver our vision of the lottery of the future," Camelot chief executive Diane Thompson said.
S&D, by far the biggest lottery operator in the vast Indian market, emphasised its 37 years in the lottery business as the centerpiece to its challenging bid.
"The consortium would like to try some innovative ideas to bring some fresh excitement to the UK market. With Olympics 2012 not too distant away, this could mean a lot to the general public in UK," the group said in a statement.
The licence is set to be finalised, and awarded, during the last week of August this year.
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