The Duke and Duchess of Cambridge, Prince William and Kate Middleton, made an exciting announcement about her pregnancy on Dec. 3, and since then, massive bets have come in on what the baby's name will be.

The royal couple started an online frenzy when they announced they are expecting their first child. Less than a day later, bets began to pour in and the odds are mostly in favor of names of their royal relatives.

So far, Elizabeth is a lead favorite with 8 to 1 odds and Diana, in honor of Prince William's late mother, is a close second with 12 to 1 odds, according to the online sports betting agency William Hill.

Another online British betting agency, Ladbrokes, also favored the name Elizabeth with the 8-1 favorite should the couple have a royal princess. Elizabeth would be in honor of Prince William's grandmother, Queen Elizabeth II, and the Middleton's grandmother who is also named Elizabeth. Frances and Anne also ranked high with bets favored at 10-1 and 12-1.

"Kate and Wills pulled the wool over our eyes, but now attention turns to the name of the baby and it looks like the couple will stick with a traditional name," said Ladbrokes spokesperson Jessica Bridge. "If they're expecting a girl, who better to name her after than Her Majesty?"

A royal family insider for "Extra," Sam Haskell, couldn't agree more.

"As a royal heir, there will be four names. I would guess Diana could be in there," Haskell said.

"I think my personal choice would be Alexandra for a girl, which is the current queen's middle name," Victoria Arbiter, ABC's royals contributor and daughter of former royal press secretary Dickie Arbiter, told E! News. "Then with middle names we would see, again, a homage paid to the queen with Elizabeth."

No matter what the sex of the baby is, members of the royal family are likely to choose more traditional names, according to Arbiter.

"They are going to be very careful when naming their child, so we will see something traditional," Arbiter added. "You have to remember they are naming the future king or queen. So you won't want to see something silly, like Queen Suri, which would be fine if you are playing dress up but it is not quite appropriate for when you are the queen of 16 nations."

Bets are on the name Charles if the royal couple are to have a boy. The name would be in honor of the Prince William's father. Charles is tied with John at 10-1; also Philip (14-1) and Edward (16-1) ranked high on the betting list, according to Ladbrokes.

Tags
Kate Middleton, Kate middleton pregnant, Pregnancy, Baby, Prince William