Royal baby is big business for Paddy Power as betting passes £250,000

One of Britain's leading bookmakers said on 29 April that it hopes to take in as much as a £1m ($1.55m) worth of bets on the birth of the hotly anticipated royal baby.

Prince William and Kate Middleton's second child is expected any moment and although there's been no confirmation of the baby's sex or due date, that has not stopped Brits across the nation taking a punt on all things royal baby.

"Royal baby betting is booming money is pouring in by the pram load. As of yesterday we nudged past £250,000. Depending on how long this drags on for we're expecting to turnover maybe a million, maybe nudge past a million, quadrupling that big figure in the next week or so," said Paddy Power spokesman Rory Scott.

Most punters were gambling on Middleton giving birth to a princess said Scott, not excluding a possibility of another prince.

He added: "So James has been the best backed from the boys names, it's been very well fancied right from day one. Interestingly I think there's a bit of value myself in an Arthur, Henry even a Philip. They are sort of 33, 20s, 25s. Bearing mind in 2013 for royal baby number one they were sort of 5, 6 7-1. And that's all because there's a mass hysteria that our punters are convinced we're in line for a princess, for a baby girl."

The name Alice has been heavily backed from the start. Scott said: "Well Alice, Alice if you can see there 7-4, has been heavily, heavily backed since day one when we opened the betting. It's come in from about 35-1 into 7-4. there's no value there now. Don't back it, don't touch it. I think if you want to go for something with a bit of value, possibly a Charlotte, possibly an Elizabeth. I like Victoria at 11-1. It's our longest serving monarch. It would be a nice nod to the family history."

For their first child, it took the Duke and Duchess three days to announce the name of Prince George Alexander Louis. For those looking for a longer shot, Scott suggests a Star Wars theme.

He said: "Well the dates are an interesting one today is the fourth anniversary of their wedding. That would be a fairy tale arrival for them. It would be a lovely present. I like May the 4th. Otherwise known as Star Wars day. May the fourth be with you. We cut Princess Leia from 500-1 into 100-1 off the back of it. Yoda remains the longshot at 1000-1."

Middleton gave birth to her first child in July 2013 at London's St Mary's hospital to a worldwide media fanfare. She is expected to have the second child there too.

The baby will be fourth in line to succeed Queen Elizabeth, who turned 89 on 21 April, behind grandfather Prince Charles, father William and elder brother George.