25/03/2015 12:48 GMT | Updated 25/05/2015 10:12 BST

Favourite Royal Baby Name Revealed!

Kate Middleton is set to give birth to her second child in less than a month - and bets on what the baby will be called are hotting up.

Photo by: KGC-42/STAR MAX/IPx 3/17/15 Prince William The Duke of Cambridge and Catherine The Duchess of Cambridge visit the 1st Battalion Irish Guards and attend the St. Patrick's Day Parade at Mons Barracks. (Aldershot, Hampshire, England, UK)

But move aside Elizabeth, because Alice has emerged as a hot new favourite if the baby is a girl.

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Online bookies Betfair Sportsbook cut their odds on the name from 8/1 to 3/1 following a rush of bets this week.

Elizabeth is ranked at 5/1, while Charlotte follows at 11/2.

If Kate and William did decide to call a daughter Alice, they would be giving a nod to Queen Victoria's second daughter, Alice Maud Mary.

Photo by: KGC-178/STAR MAX/IPx 3/13/15 Catherine The Duchess of Cambridge at St. Paul's Cathedral to attend the Service To Mark The End Of Combat Operations In Afghanistan. (London, England, UK)

Speaking to the Mirror, Novelties and Politics Trader for Betfair, Cormac Dowling, said, "The public love a royal announcement and we're expecting the arrival to be the novelty betting heat of the year.

"We're confident it may rival even the EastEnders Lucy Beale's killer market, which saw over £10 million of bets across the industry.

"Elizabeth had been the clear favourite until an unexpected rush of support for Alice over the last 24 hours and we've been forced to slash the price from 8/1 to 3/1."

Elizabeth, of course, is the name of the Queen, the new baby's great-grandmother, and it could be a particularly fitting name as the Queen's birthday is on 21 April, near the new baby's due date.

Kate recently revealed that she is due to give birth in "mid to late April" but is keeping the sex of the baby a surprise.

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However, many have been more eager to place bets on girls' names. The most popular name for a boy is Richard at 10/1, followed by James at 12/1, which is the name of Kate's brother.

Not long to go now until we find out. *Squeals*

In the meantime, flick through more pics of the duchess in our gallery: