Prince William and the Duchess of Cambridge, née Kate Middleton, thrilled the public when they announced that they had named their daughter Princess Charlotte Elizabeth Diana. However bookmakers may not be so happy with the Princess' moniker after it emerged they had to pay out an estimated £1million following Monday's announcement.
Alice was previously a firm favourite with the bookies, but Charlotte had a last minute surge in popularity in the last week. The name was the most popular bet since the Princess of Cambridge was born on Saturday morning.
Jessica Bridge from Ladbrokes said: "Charlotte was the hot tip over the weekend and royal watchers up and down the land are quids in. We may have lost a fortune but we're paying out with a smile and wish the Duke and Duchess all the best."
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Princess Charlotte's name cost bookmakers £1million
Meanwhile Nicola McGeady, a spokesperson for Coral, said: "After punters had already correctly predicted a girl, we were praying Will and Kate would opt for anything but Charlotte, Alice or Olivia.
"As if Saturday's pay-out wasn't enough, we've now had to double it today, making this one of the most costliest results in royal betting history."
William and Kate announced on Monday that they had called their first daughter Charlotte Elizabeth Diana. The name pays tribute to some of the most important people in the couple's lives, including William's father Prince Charles, grandmother the Queen and notably, his late mother Princess Diana.
William and Kate welcomed the Princess of Cambridge on Saturday
Elizabeth is also the middle name of Kate and her mother Carole Middleton, while Charlotte is the middle name of her younger sister Pippa.
Kensington Palace's Twitter account confirmed the new Princess' name on Monday afternoon.
"The Duke and Duchess of Cambridge are delighted to announce that they have named their daughter Charlotte Elizabeth Diana," read the tweet, which was followed by a second confirming: "The baby will be known as Her Royal Highness Princess Charlotte of Cambridge."
Following the announcement Charles Spencer, brother of the late Princess Diana, described the choice as "perfect". The British peer gave his approval on Twitter, commenting that he wouldn't be the only member of his family delighted by the choice.
He wrote: "Perfect names. My 2-year old Charlotte Diana will be thrilled at cousinly name-sharing. Is at an age where thinks world revolves around her!"