May 4, 2015 10:17 AM EDT

Will and Kate announced Monday that their baby daughter’s name is Charlotte Elizabeth Diana.

The royal baby girl, who was born early in the morning of May 2, is named for her grandmother and great-grandmother, Will’s late mother Princess Diana and Queen Elizabeth II.

British bookies betting on the royal baby’s name tapped Charlotte as a favorite, narrowly beating names like Alice and Coral. Some betters could be facing a seven-figure payout for guessing the right name.

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Write to Charlotte Alter at charlotte.alter@time.com.

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