It's a girl!

Duchess of Cambridge Kate Middleton gave birth to Britain's new princess on May 2 at 8:34 a.m. in London. Kensington Palace announced the royal birth via Twitter, stating that Middleton – accompanied by her husband, Prince William – was admitted to St. Mary's Hospital in Paddington, London at 6:00 a.m. She gave birth more than two hours later, to a baby girl weighing eight pounds and three ounces.

The baby's name has not been announced yet, but the biggest bets are on the name Alice. Other favorites include Charlotte, Elizabeth and Victoria. Betting on the royal baby's name is a big business in Britain, where bookmakers made a total of $24 million on Prince George's name.

The new royal highness is now fourth in line to the throne after her brother, Prince George, her father, Prince William, and her grandfather, Prince Charles. The little princess has also knocked her uncle, Prince Harry, another rank down the line to fifth.

Although second-born babies are unlikely to become the monarch of England, it has happened before. King George VI, father of great-grandma Queen Elizabeth II, was a second son who became the king when his older brother gave up the throne to marry an American divorcee. Elizabeth's grandfather, King George V, was also a "spare heir."

Middleton gave birth in the Lindo Wing, where Princess Diana gave birth to William and Harry some three decades ago. A few well-wishers set up camp outside of the hospital with Union Jack flags. They received cups of tea and boxes of Danish pastries from the royal couple as a sign of thanks.

"My best wishes to the Duchess of Cambridge, who is having her second child today," said British Prime Minister David Camera in a tweet just minutes after news broke out that the duchess was going into labor. "The whole country will wish her well."

In keeping with tradition, the royal birth and the baby's name will be formally announced through a gilded easel close to the gates of the Buckingham Palace. Prince William, his wife, and the two royal children will spend the next few days at home in Kensington Palace. They will then travel to Norfolk to stay in the 10-bedroom Anmer Hall country home in Queen Elizabeth II's Sandringham Estate.

Prince William is expected to take a two-week unpaid leave from his day job as an air ambulance pilot at Bond Air Services in East Anglia. The duchess will also take a leave from her royal duties.

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