James, Alexander or Arthur? The bookies' favourite names for the new royal baby

Celebrations outside Windsor Castle as the arrival of the new royal baby is confirmed. Picture: PA.

The new arrival was welcomed into the world shortly before 5.30am on Monday, May 6 by proud parents Harry and Meghan, and grandmother Doria Ragland, who is said to be staying with the couple at their home in Windsor.

Talk has already turned to what name will be given to the new baby boy - and whether or not the royal couple will stay traditional or sway in favour of something more modern.

Odds from online gambling company Betfair seem to point towards the former.

Katie Baylis, spokeswoman for Betfair, said: “It’s the news the world has been waiting for for days and now that the royal couple have announced they have had a little baby boy, attention now turns to what the little prince’s name will be.

"James and Alexander are the joint favourites at 7/2, both slashed from 12/1 after a flurry of bets on both names in the last few hours.

Prince Harry speaks to the media in Windsor. Picture: PA.

"They overtake previous favourite for a boy, Arthur which is at 6/1, with two equally traditional names Edward and Oliver at 12/1.”

Here are the latest odds from Betfair. Which name do you think the royal couple will pick?

James 7/2

Alexander 7/2

Arthur 6/1

Edward 12/1

Oliver 12/1

Jacob 14/1

Phillip 14/1

Charles 14/1

Alvin 25/1

Francis 25/1

Henry 25/1

Albert 25/1

Spencer 33/1

Matthew 33/1

Jack 33/1

Alastair 33/1

Alfred 33/1