Taking bets: Top 10 names for Prince William and Kate Middleton's new baby

As we all eagerly await the arrival of Prince William and Kate Middleton's second child, everyone has one question on their mind: what name will they choose? Leading the baby name pack at Ladbroke's, one of the UK's top betting firms, is the name Elizabeth — a 5/1 favorite — followed closely by Charlotte, Alexandra and James.

With only a few weeks left until the Duchess gives birth, people are coming out in droves to place their bets on the most likely name for the little prince or princess. "The betting is certainly heating up with around a month to go now," Jessica Bridge of Ladbrokes tells HELLO!.

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If Will and Kate have a girl and decide to name her Elizabeth, the royal significance is pretty obvious. Not only does the current Queen go by that name, but her mother did as well. Queen Elizabeth The Queen Mother, as she was known after the death of her husband King George VI, remains one of the most beloved figures in recent British history. And Kate recently revealed that she is due in "mid-to-late April" so if she does give birth near the current Queen's birthday on April 21 it would make for an even more fitting choice.

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Betting on the royal name (and gender) is practically a sport of its own in the UK, with various firms issuing their top lists. At Betfair Sportsbook, Alice is in the lead with 3/1 odds recently beating out Elizabeth (5/1) and pushing Charlotte behind with 11/2.

If the royal couple does decide to name their royal baby Alice, they would be paying homage to Queen Victoria's second daughter, Alice Maud Mary, who was famous for her compassionate nature and relentless advocacy of women's rights – two qualities that would be encouraged in a modern monarch.

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Kate told well-wishers back in January that she and Prince William don't know the gender of the eagerly-anticipated baby, as was the case with Prince George.

But that hasn't stopped the public from wishful betting: five times the amount of money has been wagered on a girl than for a boy, according to Ladbrokes. Although Kate ended up giving birth to a boy in 2013, the country still bet more on a girl showing that they are eager for a young princess. But if it does end up being a boy, Ladbroke's bettors are partial to James, Henry and Albert.

Betfair Sportsbook has slightly different odds for boys with Richard being the front-runner at 10/1, followed by James (the name of Kate's brother) at 12/1.

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If you believe in the power of a corgi, which the Queen very well might, then The Ladbrokes Barkingham Palace Gold Cup has already decided the sex and the name. The recent event pitted 10 corgis each wearing a bib with a popular baby name for both sexes. According to the highly-scientific race results, it appears Will and Kate will give birth to a baby girl named Alexandra (8/1) after she was the first corgi past the post ahead of Camilla and Victoria (10/1) in 4.32 seconds.

Photo: Ladbrokes

Whether you're putting a bet on the books or cheering on a corgi, one thing is for sure — all of these names are possibilities given their historic and sentimental significance. So, while you wait to see if you've beat the odds, learn about the meaning of all the names and why they're likely in the running.

Click here for the royal history behind the 10 baby names in the top running:

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