So, will it be a girl or a boy? Called Alexandra, Diana, James or George? Will the future British monarch have ginger hair?

Punters are furiously laying bets on all things to do with the royal baby, as the country waits for the Duke and Duchess of Cambridge, Prince William and his wife Catherine to have their first child.

High street bookmakers Paddy Power are taking bets on a wide range of predictions, including potentially lucrative accumulators.

If someone paid a pound to correctly guess the arrival date, sex, weight, hair colour and name, they'd win 100 pounds back, with the current 100/1 odds.

Paddy Power is also offering a long-term accumulator at 500/1 to correctly call the name of the baby's first girlfriend / boyfriend, the age of their first night-club visit, the university they will attend and career choice.

"Royal baby betting is booming and our punters are very excited about this. We are taking bets from the baby's name, the arrival date, the weight, the hair colour, the magazine with the first pictures, even who is going to be holding the baby outside the church, that is in the short term. Longer term if you are slightly more patient you can have a punt on the university the baby will go to, the career choice it will chose, whether it represent Team GB in the Olympics, if you think of it, we can bet on it," said Rory Scott, spokesman for Paddy Power.

The most popular bet is on what the baby will be called. The highest number of bets have been placed on the name Diana, after Prince William's mother, but the girl's name with the shortest odds is Alexandra at 4/1, followed by Charlotte at 6/1. On Thursday (July 4) the odds on Diana were 9/1.

If the baby is a boy, the name James is the bookies favourite, with odds of 6/1 followed by George at 8/1.

"It is interesting here, and I think we are seeing a bit of a tug of war, you've got William and Kate a modern couple who like to do things their way and on the other side of the coin you've got the family to appease, a thousand years of tradition to respect and of course they don't want to be upsetting the boss, the Queen. And that is broadly reflected in the betting," said Scott.

Another popular bet is on whether the royal heir will inherit its uncle, Prince Harry's famous ginger hair. Odds on that are 9/4.

Paddy Power reports that betting on the royal baby is up 30-40 percent over the trade in bets on the royal wedding.

Bookies say that's because there are so many more opportunities to gamble on issues surrounding the baby, such as how will Kate give birth? What sort of pram will they chose and which will be the first magazine to obtain exclusive baby photographs.

It is believed Kate's due date is July 13, but the Palace have not confirmed this date. Odds on 13 and 14 July are 10/1.

Presented by Adam Justice