Princess Beatrice welcomed her first child, a daughter, with her husband Edoardo Mapelli Mozzi on Saturday. Soon after the announcement on Monday, speculations have begun regarding what name the Princess might choose for the royal tot.

The bookies have revealed that the top predicted name for the baby is Sarah, after her maternal grandmother Sarah Ferguson. A friend of the Duchess of York told The Mirror that she has already met the newborn, her second grandchild, and is "absolutely over the moon."

Betfair told "Fabulous" that Sarah is the early joint 8/1 favourite to be the baby's name. Sarah is followed by Anna and Emily as the joint second with odds of 10/1. There are plenty of Italian names on the list as well, as bookies speculate the British royal might choose to honour her husband's noble Italian heritage with her choice. Maria is at the odds of 12/1 and Rosa at 14/1.

Sam Rosbottom, Betfair spokesperson, said: "Sarah is the early 8/1 favourite, a nod to her mother Sarah the Duchess of York. We are tipping the happy couple to have an Italian flavour with their choice of name, with Edoardo's father hailing from Bergamo." Edoardo also has a son with ex-partner Dara Huang, whom they named Christopher Woolf.

Bookmakers Ladbrokes is also predicting an Italian name, with Matilda leading their field at 4/1, closely followed by Florence at 9/2. Jessica O'Reilly of Ladbrokes said: "It should come as no surprise to see that punters are backing slightly more unusual names for the new royal baby given Beatrice and her sister's monikers. Matilda and Florence are proving popular names at the top of the betting, along with other Italian inspired choices such as Arabella and Giovanna."

Elizabeth is also in the running at the odds of 7/1 after Beatrice's grandmother Queen Elizabeth II. The baby, 11th in the line of succession to the British throne, is the 12th great-grandchild of the British monarch. In a statement announcing the news of the baby's arrival, Buckingham Palace had said, "The new baby's grandparents and great-grandparents have all been informed and are delighted with the news."

Princess Beatrice and Mozzi wed in secret
Princess Beatrice and Edoardo Mapelli Mozzi David M. Benett/Dave Benett/Getty Images