Prince Harry and Meghan Markle are expected to tie the knot in May.

Prince Harry

Prince Harry

The couple's engagement was announced by the 33-year-old royal's father Prince Charles earlier today (27.11.17), and after it was confirmed the pair will marry in spring 2018, punters have been piling into bets on May being the month they tie the knot.

Online bookies Betfair have made May the clear favourite for the pair - who have been dating for 16 months - to get hitched at odds-on ahead of March and April.

It would mean they have a bit more time to plan their forthcoming nuptials after Harry popped the question to Meghan, 36, earlier this month.

Katie Baylis, Betfair Spokesperson, said: "It's the announcement the world has been eagerly awaiting and after some intense speculation over the last few days, the couple have now confirmed their engagement and a Spring wedding.

"May is the favourite at 2/5, with April or May both at 10/3 but with the Duchess of Cambridge due to give birth in April you would expect they would wait until after the baby is born."

While it has not been confirmed where Harry and 'Suits' star Meghan will tie the knot, Westminster Abbey - where his brother Prince William married Duchess Catherine in April 2011 - is expected to be the preferred destination.

Katie added: "Westminster Abbey is the 1/12 favourite for the venue of the wedding, ahead of Windsor Castle at 2/1 and St Pauls, where his parents were married, at 5/1."

William and Catherine - who have son Prince George, four, and two-year-old daughter Princess Charlotte - were delighted to hear the news after growing close to Meghan over the last 16 months.

They said in a statement: "We are very excited for Harry and Meghan. It has been wonderful getting to know Meghan and to see how happy she and Harry are together."