Punters have staked a significant amount on the Duke and Duchess of Cambridge naming their second baby Alice – leaving one bookmaker facing a potential five-figure payout.

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The odds on heavily pregnant Kate and William calling their baby Alice have tumbled with bookmaker William Hill from 14-1 to 4-1 after the bets were made last week.

William Hill spokesman Rupert Adams said: “Alice is the new favourite and we have seen a significant number of bets, particularly from the Tunbridge area – you have to think there is good reason for the gamble.”

If the wagers prove correct the bookmakers face losing a five-figure sum.

After Alice the next fancied moniker among punters is the Queen’s name Elizabeth at odds of 9-2 followed by Charlotte 11-2, Victoria 12-1, Alexandra 14-1, Diana 16- 1, and the boys names Arthur, Henry and James all at 20-1.

Since the mid 19th century a number of royal women have been called Alice, with Queen Victoria calling her second daughter Princess Alice and the wife of the late Duke of Gloucester – the Queen’s uncle – also had the same name.

Paddy Power have also made Alice their favourite, jointly with Charlotte, at odds of 9-2 followed by Elizabeth 5-1, Victoria 10-1, James, Arthur and Alexandra all at 12-1 and Philip 14-1.

Kate held her last public engagements on Friday and will not be seen again officially until she leaves the Lindo Wing, the private maternity wing of London’s St Mary’s Hospital, with her second child, which is due at the end of April.

Odds on the gender of the baby are evens for a boy and 8-11 for a girl.