Allwyn Entertainment, which runs lotteries in Austria, the Czech Republic, and Greece will run the UK’s lottery from February.

The Gambling Commission confirmed their decision on Tuesday which removes Camelot, who have run the lottery since its inception in 1994, from the role.

The decision was first made in March but saw Camelot launch legal action in the High Court, claiming that the regulator got its decision “badly wrong”.

Outgoing UK National Lottery operator Camelot has revealed falling sales of tickets and instant win games as it flagged signs that players had "tightened their belts" in the face of soaring living costs.

Camelot and rival IGT earlier this month confirmed that they had dropped its case in the Court of Appeal which sought to delay the handover.

“We are pleased to have officially awarded the fourth licence to Allwyn following a highly successful competition said Andrew Rhodes, the Gambling Commission’s CEO.

Allwyn has said that it hopes to more-than-double the amount of money allocated for good causes after the result was announced.

Justin King, chairman of Allwyn, said: “Today’s award formally marks a fresh start for the National Lottery.

“We have exciting plans for this important and cherished institution, crucially raising even more proceeds for good causes across the country, improving the player experience through the latest technology and ensuring safe participation.”

Allwyn will run the National Lottery for at least the next decade.

National Lottery to change hands after failed High Court challenge