New British Princess named after Grandfather, Great Grandmother and Grandmother

The fourth in line to the throne in the British Monarchy has been named Princess Charlotte Elizabeth Diana by her parents, Prince William and his wife Kate, the Duchess of Cambridge.

While announcing this on Monday to eager Britons, royal officials said: The princess, the second child of William and Kate, will be known as Her Royal Highness Princess Charlotte of Cambridge.

The name Charlotte is feminine form of Charles, her grandfather name, Elizabeth honours her Great Grandmother, eighty-nine (89) old, Queen Elizabeth of England and Diana tribute to her late grandmother, Princess Diana.

Earlier on Monday, in honor of the newborn princess, Westminster Abbey's bells resonated with gun salutes fired across London. Multiple deafening volleys were also fired from Hyde Park and London Tower to mark the event.

Princess Charlotte of Cambridge is the fourth in line to the throne after her grandfather, father and her two years old brother. 

Since Saturday, the name the new addition to the British royal family would be named had been subject of speculations in Britain with bookmakers collecting guesses from bettors. According to ABC News, many bookmarkers face a large payout. Charlotte had been a front-runner, alongside other guesses.

Ladbrokes spokeswoman Jessica Bridge said: Charlotte was the hot tip over the weekend. We may have lost a fortune, but we're paying out with a smile and wish the duke and duchess all the best. She estimated that the industry may lose 1 million pounds ($1.51 million) over the name. 

Another bookmaker, William Hill, said they were relieved because their top bet had been Alice while the spokesman Rupert Adams said 5,096 bettors correctly guessed the name and his firm would pay out just over 100,000 pounds ($151,100).