Gamblers Wage More on Newborn Royal Baby’s Name Than Upcoming Election

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The Duchess of Cambridge -- the British royal also known as Catherine -- gave birth to her second child on May 2, 2015. (Credit: CNN)

Britain’s newborn princess is stealing the spotlight from the country’s politicians — just three days before a crucial election.

Bookmakers in the U.K. have received more than £1 million ($1.5 million) in bets on the baby princess’ name — more than what’s been wagered on the election.

Alice has emerged as the unlikely favorite for the baby’s name in the last few weeks. The odds on Alice have been cut to 2/1 from 32/1 in just a few weeks, said Rupert Adams, a spokesman for William Hill.

Alice has overtaken other royal favorites, such as Charlotte at 5/2 and Elizabeth at 7/1. The odds on the girl being named after her late grandmother Princess Diana are at 10/1.

“Royal Baby betting has gone through the roof several times already, and the fact that it’s currently more popular than the general election speaks volumes about how excited the country is to have a new princess,” Jessica Bridge, a spokeswoman for Ladbrokes, said.

Bookmakers are expecting to make some hefty payments after the name is announced — according to estimates, Princess Alice could cost the betting firms as much as £500,000 ($745,900) in payouts.

“With every passing hour the liabilities on the name are racking up, but we’ll take it on the chin,” Bridge said.

British media are expecting the name to be announced later Monday, after meeting her great-grandmother the Queen.

 The Duchess of Cambridge was safely delivered of a daughter weighing 8lbs 3oz, Kensington Palace announced. The newly-born Princess of Cambridge is fourth in line to the British throne.(Credit: John Stillwell/AFP/Getty Images)

The Duchess of Cambridge was safely delivered of a daughter weighing 8lbs 3oz, Kensington Palace announced. The newly-born Princess of Cambridge is fourth in line to the British throne.(Credit: John Stillwell/AFP/Getty Images)

The newest addition to the “firm,” as the Queen is known to call the royal family, is now the fourth in line to the throne after grandfather Prince Charles, father Prince William and big brother Prince George.

Royal babies tend to have historical names with tradition in the family.

Still, that didn’t prevent one gambler from throwing a £1 stake on the couple naming their second born Elvis at odds of 1000/1.

Last time, the odds proved to be a reliable indicator of the name. Although it took Will and Kate three days to decide, punters clearly knew better: George was the favorite throughout the run-up to the big day.