Royal baby name odds: What will Meghan Markle, Prince Harry name their son?

Now that the wait for Meghan Markle and Prince Harry’s royal baby is finally over, a list of potential baby names for their firstborn son is narrowing down.

“We are pleased to announce that Their Royal Highnesses The Duke and Duchess of Sussex welcomed their firstborn child in the early morning on May 6th, 2019. Their Royal Highnesses’ son weighs 7lbs. 3oz,” the couple’s statement on Instagram read.

Meghan and Harry didn’t reveal the name they chose for the baby and Harry told reporters that they hadn’t yet settled on one.

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"The baby is a little bit overdue so we've had a little bit of time to think about it. That's the next bit," he teased, confirming he and Meghan will make their debut as a family in two days "as planned."

However, according to U.K. based betting and gambling company Ladbrokes Coral, the smart money is on Arthur.

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At 5/1 odds, the company believes Meghan and Harry will opt for a more traditional name for the infant despite often shaking up royal tradition with modern touches. Arthur is one of the middle names of Prince Charles, the baby’s grandfather.

Britain's Prince Harry and Meghan, Duchess of Sussex smile during a visit to Tupou College in Tonga, Friday, Oct. 26, 2018. Prince Harry and his wife Meghan are on day eleven of their 16-day tour of Australia and the South Pacific.

Britain's Prince Harry and Meghan, Duchess of Sussex smile during a visit to Tupou College in Tonga, Friday, Oct. 26, 2018. Prince Harry and his wife Meghan are on day eleven of their 16-day tour of Australia and the South Pacific. (AP Photo/Kirsty Wigglesworth, pool)

In second place, at 6/1 odds, are Albert and Philip, the latter being the name of Queen Elizabeth’s husband, the Duke of Edinburgh. Following them are James at 8/1, Alexander and Alfred at 10/1 and Thomas coming in fourth at 12/1.

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The royal bundle of joy, born at 5:26 a.m., is seventh in line for the British throne and is Queen Elizabeth II's eighth great-grandchild. Harry is the younger son of Prince Charles, the next in line to the throne, and the late Princess Diana.

Their child is eligible for dual British-U.S. citizenship if Meghan wants to go through the application process.

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Harry and Meghan married at Windsor Castle a year ago this month. In April, they moved from a house on the London grounds of Kensington Palace to Frogmore Cottage, which is on the property near Windsor Castle where they held their wedding reception.

The Associated Press contributed to this report.