Those who placed bets on the new Princess being named Charlotte are sure to be gloating with their winnings now that the royal baby's name has officially been revealed.

Kate Middleton Gives Birth 

The Duke and Duchess of Cambridge have officially confirmed the speculation that they would name their daughter and second child Charlotte on the official Kensington Palace Twitter account this morning.

And though many fans of the royal family had expressed hope that Prince William and Kate Middleton would honor his beloved late mother Diana by giving their daughter the same first name, the couple chose to keep her memory alive by giving the Princess Diana as one of her middle names.

Fans Eagerly Await The Birth Of The Royal Baby

"The Duke and Duchess of Cambridge are delighted to announce that they have named their daughter Charlotte Elizabeth Diana. The baby will be known as Her Royal Highness Princess Charlotte of Cambridge," the account announced in a series of tweets Monday morning.

The little girl's name also honors her Great-Grandmother, the reigning Queen Elizabeth II, as well, while her first name tributes the Duchess' sister, Pippa, whose middle name is Charlotte.

The new princess, born on Saturday, May 2, is officially fourth in line to the throne after her Grandfather, Prince Charles; her father, Prince William, and her older brother, Prince George, who was born in 2013.

Charlotte was a popular name which many bet on in the days leading up to Her Royal Highness' birth, though it was initially not many betters' first choice. Famed bookmakers William Hill had placed the highest betting odds that the royal baby would be a girl named Alice, born on April 21, which also happens to be the Queen's birthday.

Tags: royal baby Kate Middleton Prince William