October 15, 2018 12:39 PM

A royal baby is on the way, and British oddsmakers are already predicting names.

Meghan Markle and Prince Harry are expecting their first child together, Kensington Palace confirmed Monday. Meghan, who is due next spring, has had her 12-week scan and is “feeling well,” a royal source tells PEOPLE.

So what will the royal couple name their first child? Victoria earned the top spot at 8/1 within the first minute of the baby news announcement, according to bookmaker William Hill. The name is a leading favorite for a girl for Ladbrokes as well at 8-1. Alice and Elizabeth are also tied at 8-1, according to William Hill.

For a boy, Ladbrokes bets place Albert and Arthur closely behind at 10-1, while William Hill has Alexander up at 7-1.

The names Diana and Charles (for the royal baby’s grandparents!) are also in the running.

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William Hill reports that baby name bets began spiking on Friday when Meghan wore a oversized navy Givenchy coat and dress to Princess Eugenie’s wedding.

Members of the royal family were able to congratulate the couple, who are currently in Australia for their first royal tour together, in person at the wedding on Friday.

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Prince William and Kate Middleton are “delighted” for the couple — as are Queen Elizabeth, Prince Philip, Prince Charles and Camilla, the Duchess of Cornwall,” the palace says.

“Their Royal Highnesses The Duke and Duchess of Sussex are very pleased to announce that The Duchess of Sussex is expecting a baby in the Spring of 2019,” Kensington Palace said in a statement Monday.

“Their Royal Highnesses have appreciated all of the support they have received from people around the world since their wedding in May and are delighted to be able to share this happy news with the public.”

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