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Bets are on for Prince William and Kate's favourite baby names – see the list

Bookmakers are already taking bets on the new royal baby's name

by Ainhoa Barcelona

Within minutes of Prince William and Kate announcing their baby news, bookmakers across the nation were flooded with bets from punters guessing what the new royal baby will be called. The Duke and Duchess of Cambridge will most likely keep it classic when choosing a name for their third child, just like they did for Prince George and Princess Charlotte. If the baby is a girl, bookies make Alice the favourite with odds standing at 8/1. The name is a traditional one in the British royal family; Alice was the name of one of Queen Victoria's daughters, Alice Maud Mary, and also of the Duke of Edinburgh's mother, Princess Alice of Battenberg.

Elizabeth – a fitting nod to the monarch – is proving the second most popular name with odds at 10/1, although Princess Charlotte's middle name is also Elizabeth. Other suggestions include Victoria at 12/1, Alexandra at 14/1 and Mary at 16/1. The Queen's two middle names are Alexandra and Mary and the names of her grandmother Queen Mary and great-grandmother Queen Alexandra.

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William and Kate will keep it classic when choosing a name for their third child

Kate's best quotes about motherhood

In a similar vein, Prince William and Kate will most likely turn to a traditional royal name if they welcome a boy. James, Arthur and Phillip have been touted as popular choices during Kate's previous pregnancies, so it's no surprise that James stands as the bookies' favourite with 10/1 odds. It would be a nod to Kate's younger brother, James Middleton. Arthur and Phillip – a tribute to the Duke of Edinburgh – both have odds of 12/1, followed by Albert and Henry with odds at 16/1.

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The couple announced their baby news on Monday

"Most of the names towards the top of the betting are ones which have been popular the last two times around and we expect they will be again," said William Hill spokesman Joe Crilly, adding of the baby's gender: "Last time around, twins was very heavily backed from 33/1 in to 10/1 and it would be no surprise to see the same thing happen this time. Royal baby betting is big business and when Prince George was born, we took over £1m. Turnover looks set to spike again."

William Hill's current list stand at: 8/1 Alice, 10/1 Elizabeth; 10/1 James; 12/1 Arthur; 12/1 Phillip; 12/1 Victoria; 14/1 Alexandra; 14/1 Diana; 16/1 Albert; 16/1 Henry; 16/1 Mary; 20/1 Catherine; 20/1 Frances; 20/1 Margaret; 20/1 Richard; 25/1 Charles; 25/1 David; 25/1 Edward; 25/1 Louis; 50/1 Donald.