The same question was discussed here:
allot vs allocate - WordReference Forums
Hope that helps.
Retired English Teacher
Please tell me whether allocate and allot are interchangeable, for example, "Large funds will be allocated/alloted to charitable organizations" or "You must decide how much time to allocate/allot to each exam question." Thank you so much. Sincerely, Maoyueh
Thank you for the helpful information.