Finally, the royal baby has a name, and if you bet on George, you may get your own bundle of joy (cash).

On Wednesday, Buckingham Palace announced the name of Kate Middleton and Prince William’s newborn son: George Alexander Louis. The baby's official title will be His Royal Highness Prince George of Cambridge.

“The Duke and Duchess of Cambridge are delighted to announce that they have named their son George Alexander Louis,” the Palace statement read from the Clarence House Twitter account. “The baby will be known as His Royal Highness Prince George of Cambridge.”

So far, there is no word from the Palace as to what the child’s last name will be. According to the royal family website, members of the British royalty can choose whether to have a surname or simply use the name of the royal house in which they reside. Prince William’s last name, as well as his brother Harry’s, is Wales, based on their father’s title, Charles Prince of Wales.

The couple could decide the baby’s surname will be Wales, as William often goes by William Wales. Option two: The baby could adopt the Cambridge surname, taken from the royal house in which his parents, William and Kate, live. Or, finally, the biggest mouthful of them all, Mountbatten-Windsor, which would make the baby’s full name… His Royal Highness Prince George Alexander Louis Mountbatten-Windsor of Cambridge.

Middleton gave birth naturally to the healthy baby boy weighing 8 pounds, 6 ounces, at 4:24 p.m. local time on Monday.

"Her Royal Highness The Duchess of Cambridge was safely delivered of a son at 4.24 p.m.," a statement from the Palace said. "The baby weighs 8lbs 6oz. The Duke of Cambridge was present for the birth. The Queen, The Duke of Edinburgh, The Prince of Wales, The Duchess of Cornwall, Prince Harry & families have been told and are delighted.  Her Royal Highness and her child are both doing well and will remain in hospital overnight."

Initially, the Palace said the name would be “announced in due course.” On Tuesday, when the royal couple debuted their newborn son in front of the Lindo Wing of St. Mary’s Hospital in London, Prince William said they were “still working on a name.”

Prince William also took a moment during the showing of his new child to crack a few jokes to members of the media waiting patiently outside of the hospital.

"He's got her looks, thankfully," he said. "No, no," Middleton joked back.

"He's got way more hair than me, thank God," Will said. "He's got a good pair of lungs on him, that's for sure. ... He's a bit heavy."

Many believed the name would not be announced for at least a week, since Princess Diana did not announce her newborn son’s name in 1982 until one week after the child was born. However, when Prince Harry was born two years later, his name was announced as part of the official note hung outside Buckingham Palace.