In what is the biggest ticketing exercise ever undertaken in the UK, the London Organising Committee (Locog) will now check and de-duplicate applications.
BBC's James Pearce on Olympic ticket sales
It will then run ballots across sessions which are oversubscribed and process applications.
Money will be taken from accounts from 10 May and customers will receive confirmation of which events they will receive tickets for in June.
Those who were not successful in their initial application will be given further opportunities to apply for remaining tickets in June and July as part of this process.
"Certain events have seen massive demand - for example the opening ceremony, which is more than 10 times oversubscribed - so there will understandably be disappointment and we will find a way to go back to those people with other tickets," added Lord Coe.
"What is most encouraging is that the majority of applications are for multiple tickets and for several sports, which shows that friends and family are planning to go to the Games together."
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