THE man who launched the National Lottery is heading a bid to start up a rival prize draw with the promise of better odds and the chance for players to choose the charity their money goes to.

Tim Holley, who was chief executive of Camelot when it handled the launch of the lottery in 1994, is chairing a new venture, Chariot, which confirmed it would seek a listing on London's junior Alternative Investment Market (AIM).

The prizes will be smaller than those of the National Lottery, but players will be able to choose one of 48 charities to benefit from their ticket money. Chariot will function under laws that allow charities to run their own lottery.

It raised £4.4 million from investors in October and is now looking to raise about £9.5m on the stock market this year.