Royal baby named Charlotte Elizabeth Diana

The Duchess of Cambridge with her newborn daughter at the Lindo Wing, St Mary's Hospital, London, May 2, 2015. The baby girl made her first appearance to the public. [Photo/IC]

The royal couple had kept the world guessing about the baby's name until after both sets of grandparents got a chance to visit Kensington Palace on Sunday to meet their granddaughter.

Bookmakers had taken huge amounts of bets on the name and Charlotte had been a front-runner alongside Alice and Victoria.

"Charlotte was the hot tip over the weekend,'' Ladbrokes spokeswoman Jessica Bridge said. "We may have lost a fortune, but we're paying out with a smile and wish the duke and duchess all the best.''

Another bookmaker, William Hill, said they were relieved because their top bet had been Alice. Spokesman Rupert Adams said 5,096 bettors correctly guessed the name and his firm would pay out just over 100,000 pounds ($151,100) in the name market.

Britain's royal history includes several Charlottes, a name originating from French, but most lived in the distant past. Queen Charlotte, the wife of George III, was a keen botanist and founded London's Kew Gardens. Born in 1744, the queen had 15 children - including one Princess Charlotte, who grew up to marry a German duke.

George IV also named his only child Charlotte in 1796, but she died in childbirth at the age of 21 in 1817, leading to a mass outpouring of grief in Britain.

The new princess will be formally christened in the coming weeks, potentially in the same chapel at St. James's Palace, like her brother. Her godparents will likely be announced on the morning of the christening.

William and Kate are staying at London's Kensington Palace for now, but in the coming days they are expected to return to their country home near the queen's Sandringham estate, 120 miles (190 kilometers) north of London.