Kate Middleton & Prince William's Royal Baby No. 2: Bets on the Name Are On!

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Princess Alice may be the latest addition to the royal family.

If Price William and Kate Middleton have a baby girl, Alice is the number one name being betted on with odds of 6/4 right now, according to Paddy Power Bookmakers.

But why Alice? The name does have royal history. For examples, look no further than Princess Alice of Hesse, Queen Victoria's second child, and Princess Alice of Battenburg, mother to Prince Philip, Duke of Edinburgh.

Other baby girl names in the running are Elizabeth (6/1), Charlotte (6/1), Victoria (10/1) and Alexandra (14/1). But what about Diana, the name that many are guessing as it would honor Will's late mother Princess Diana? Well, the odds aren't looking too at 20/1.

Of course,the Duke and Duchess of Cambridge could could always have a boy, even if the odds and public sentiment are favoring a girl. The name James is topping bets with odds of 16/1. Arthur comes in next at 25/1 while Henry, Philip, Alexander and Albert are all tied at 33/1 odds.

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Some gamblers may make a small fortune based on their baby name guess, but the British economy is expected to take in the real profit if it's a baby girl.

According to The Telegraph, a baby girl would be worth $1.5 billion to the economy. Retail experts have estimated an immediate increase in sales from souvenirs as well as celebratory food and drink, but also, there would be a long term effect. Over the course of her lifetime, her fashion could also boost the industry.

"A princess would be able to set trends throughout her life, which will be great for the people who designed her clothes or for those who can make quick knock-off copies," Professor Joshua Bamfield, director of the Centre for Retail Research, told The Telegraph.

When Prince George was born on July 22, 2013, he reportedly helped boost the economy by $372 million.

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If you want to take a gamble, get in on the guessing game while you still can. The baby is expected any day now as Kate revealed her due date as the mid-to-end of April, and Prince William is already on paternity leave. Barricades are up outside of the Lindo Wing of St. Mary's Hospital in Paddington, London, the hospital where Kate is expected to give birth.

Take a look at Kate's amazing maternity style and the woman who makes it happen in the video below.

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