We have a new pope, folks.

White smoke puffed from a chimney above the Sistine Chapel on Thursday, indicating that 133 cardinals who have been sequestered for two days have elected a new pope to lead the world's 1.4 billion Roman Catholics.

A large crowd in St. Peter's Square in Vatican city cheered as the white smoke billowed from the chimney.

The conclave was the first in 12 years, after Pope Francis' death in April.

The identity of the new pope will be revealed when he appears on the balcony. Based on what happened when Francis was elected in 2013, it will likely take at least an hour before the designated cardinal appears to announce in Latin: "Annuntio vobis gaudium magnum: Habemus papam," or "I announce to you a great joy: We have a pope."

The cardinal - Dominique Mamberti of France, will then announce the identity of the new pope and the name he will adopt as pontiff. In 2013, Francis emerged roughly 10 minutes after the announcement, the NYT reports.

Archbishop Diego Ravelli - master of papal liturgical celebrations, will then draw up a document certifying that the elected cardinal has agreed to become the bishop of the church of Rome, true pope and head of the College of Bishops. If the new pope is not already a bishop, he will be immediately ordained.

According to Vatican rules, the voting cardinals will then "approach the newly-elected Pope in the prescribed manner, in order to make an act of homage and obedience."

The pope will then be escorted to the Room of Tears - a small chamber off the Sistine Chapel - where he will don the white papal cassock for the first time. According to the Times, three sizes of garments are prepared and kept in the room to accommodate a pope of any size (the shoes come in various sizes too).

Betting markets think its going to be Pietro Parolin...

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