Camelot has been the lottery’s only operator since its inception in 1994, although its current license ends in five years’ time.
The Gambling Commission is seeking "the best ideas, innovations and experiences" and aims to "maximise returns to good causes."
Neil McArthur, Gambling Commission CEO, said: "We believe there is significant untapped potential for growth whilst still retaining the principles of being responsible, safe and fair.
"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."
Camelot this week announced National Lottery ticket sales of £3.46bn ($4.5bn) for the six months ended 29 September.
However, Camelot was fined £1.2m by the Gambling Commission for five controls-related failures in August, conceding its standards were not up to scratch.
The operator may still end up renewing its license if it submits a successful bid, although McArthur said he was unsure of its plans.
