Punters betting on the name of Princess Beatrice’s baby are favouring Matilda and Florence for the newest addition to the royal family.

Beatrice and husband Edoardo Mapelli Mozzi welcomed a daughter just before midnight on Saturday.

Bookmakers Ladbrokes said Matilda was leading the field at 4/1, closely followed by Florence at 9/2.

The firm is expecting Beatrice and Mr Mapelli Mozzi to pick an Italian-inspired name.

The couple got engaged on a weekend trip to Italy and Mr Mapelli Mozzi is the son of British-Italian former Olympic skier Count Alessandro Mapelli Mozzi.

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.”

Arabella has odds of 5/1 as does Cecelia, while Giovanna is 12/1. Elizabeth after the Queen is 7/1.

Betfair is also predicting a tribute to Mr Mapelli’s family heritage, but Beatrice might also honour her mother Sarah, Duchess of York.

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.

“The likes of Anna at 10/1 second favourite, Maria at 12/1 and Rosa at 14/1 suggest they could break from traditional British names usually favoured by the royal family.”

William Hill has Florence at 9/2 and Francesca at 5/1, but punters are also backing Elizabeth after the baby’s great-grandmother.

Rupert Adam, William Hill’s spokesman, said: “Obviously we have only just opened the betting but already Elizabeth has halved in price from 20/1 to 10/1.

“We think that is a very shrewd move from our customers.”