London’s bid to hold the 2012 event was praised in a report for the International Olympic Committee (IOC), which said London is making good progress in key areas like transport. The favourite for 2012 remains Paris but all will be revealed after the IOC meeting in Singapore on July 6. If London triumphs, the new lottery game will be launched the next day. A public funding package of up to £2.4bn has been put together to help meet the costs of staging the games. The figure consists of up to £1.5bn of lottery funding, £625m from London council tax and £250m from the LDA. Of the lottery contribution to the games, Camelot plans to raise £750m through the Olympic Lottery.