Princess Beatrice and Edoardo Mapelli Mozzi welcomed their first child together over the weekend

Princess Beatrice has welcomed her first child — and predictions for what she has named the baby are still rolling in.

After it was announced Monday that Princess Beatrice, 33, and her husband Edoardo Mapelli Mozzi welcomed a daughter over the weekend, baby girl names were on every royal fan's mind. On the betting site Ladbrokes, Matilda was the favorite name prediction with 4/1 odds.

Florence (9/2), Arabella (5/1) and Cecelia (5/1) all follow close behind, with Francesca (6/1) and Elizabeth (7/1) next in line.

"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," Jessica O'Reilly of Ladbrokes said. "Matilda and Florence are proving popular names at the top of the betting, along with other Italian-inspired choices such as Arabella and Giovanna."

Princess Beatrice
Princess Beatrice
| Credit: Karwai Tang/WireImage

Princess Beatrice's younger sister, Princess Eugenie, welcomed her first child earlier this year with husband Jack Brooksbank. The couple named their son August Philip Hawke, revealing the special meaning behind his moniker on Instagram.

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"He is named after his great grandfather and both of his great x5 grandfathers," Eugenie explained.

The name August means "great, magnificent." The baby boy got his first name from Queen Victoria's husband Prince Albert, who was born Franz Albert August Karl Emanuel. The rest of his moniker comes from a 5x grandfather on Jack's side, Rev. Edward Hawke Brooksbank. Philip is a tribute to Queen Elizabeth's husband Prince Philip, who died in April at age 99.

On Monday morning, Buckingham Palace released a statement announcing the exciting news that Beatrice had delivered a baby girl days prior. "Her Royal Highness Princess Beatrice and Mr Edoardo Mapelli Mozzi are delighted to announce the safe arrival of their daughter on Saturday 18th September 2021, at 23.42, at the Chelsea and Westminster Hospital, London," the statement read.

Princess Beatrice wedding
Princess Beatrice and Edoardo Mapelli Mozzi
| Credit: Benjamin Wheeler/PA Wire

Noting that the newborn weighs "6 pounds and 2 ounces," the statement continued, "The new baby's grandparents and great-grandparents have all been informed and are delighted with the news. The family would like to thank all the staff at the hospital for their wonderful care."

Added the statement: "Her Royal Highness and her child are both doing well, and the couple are looking forward to introducing their daughter to her big brother Christopher Woolf." 

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Beatrice also tweeted the happy news.

The new addition is Queen Elizabeth's 12th great-grandchild and the second grandchild for Sarah Ferguson and Prince Andrew.

Princess Beatrice was already a stepmother to Edoardo's son Wolfie. Edoardo shares joint custody of his son with his ex Dara Huang, an architect and designer who splits her time between London and Hong Kong.

"Edo is easily one of the best dads, he is so involved, and Beatrice is already showing that she's a fantastic step-mummy," a source previously told PEOPLE. "They've been on family vacations together [with his son]. They are really happy."

Another insider previously told PEOPLE that Princess Beatrice has "embraced [Wolfie] as part of her life from the outset."