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All bets are on for the name of the royal baby!

With news of the Duchess of Cambridge's pregnancy having been officially confirmed by the palace, all bets are on for which name the royal couple will choose for their royal baby.

PHOTOS: Who's who in the royal family?

Quick to act, a betting site has set up a royal betting market for fans to guess which name Prince William and his expecting wife the Duchess will chose for little heir to the throne.

The happy royal couple are expecting! Congratulations Prince William and Catherine! Source: Getty

Sportsbet.com.au’s Shaun Anderson says they have kept with traditional names; Mary, Victoria and John have been installed as equal $9.00 favourites, while Diana and Frances are next in the market at $10, followed by Phillip, Anne, Charles and George at $11.

RELATED: Prince William leaves the hospital after visiting expecting Kate

But it's not only the child's name that's up for bet.

Punters are able to bet on the royal baby's hair colour, weight and gender, as well as who Prince William and the Duchess of Cambridge will choose to be their son or daughter's royal godparents.

Posh and Becks at the royal wedding of the Duke and Duchess of Cambridge, AKA Wills and Kate, last year! Source: Getty

Prince Harry and Pippa Middleton are both set as $2.00 favourites to be the godfather and godmother on the site, with Victoria and David Beckham picked listed less likely at $101 and $26 respectively.

Name of the Royal Baby

$9.00 Mary, Victoria, John
$10 Diana, Frances
$11 Phillip, Anne, Charles, George
$13 Sarah
$15 Alice, Louis, Richard
$17 Elizabeth, Arthur, Henry, Edward, William, David, Spencer, Carole
$21 Caroline, Andrew, Catherine/Kate, James, Marie
$26 Phillippa, Alexander, Anthony
$34 Albert, Oliver, Frederick, Sophia, Jane
$41 Patrick, Fiona, Christian, Julia
$51 Janet, Georgiana
$67 Camilla, Lara
$81 Chelsy
$101 Wallis, Bryan, Bradley, Matilda
$151 Brynne
$251 Fergie

Hair colour

$2.75 Brown
$3.00 Black
$3.00 Blonde
$7.00 Ginger

Sex of first child

$1.83 Male
$1.83 Female

Godfather

$2.00 Prince Harry
$4.00 Prince Charles
$6.00 Thomas van Straubenzee
$7.00 Michael Middleton
$9.00 Guy Pelly
$11 Earl Spencer
$13 Prince Edward
$16 Prince Michael of Kent
$16 Peter Phillips
$26 David Beckham
$31 Mike Tindell

Godmother

$2.00 Pippa Middleton
$3.00 Carole Middleton
$9.00 Sophie, Countess of Wessex
$9.00 Zara Philips
$13 Princess Beatrice
$13 Princess Eugenie
$101 Victoria Beckham

Markets courtesy of sportsbet.com.au

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