Rangers kicked off their Europa League campaign in winning fashion with a 2-0 triumph over Malmo.
Nedim Bajrami and Ross McCausland were on target for Philippe Clement's side in Sweden in the first matchday of the revamped league phase format.
And Rangers' impressive win on the road - their first victory over a Swedish club ever - has made a dent with bookmakers with odds slashed on Rangers progressing or even winning the Europa League.
Ahead of the match against Malmo, Rangers had been priced at 100/1 to emerge victorious in the 2024/25 iteration of the Europa League - just a couple of years after ending as runners-up.
However, the odds on Rangers lifting the trophy have now been as much as halved to 50/1 after picking up three points in Sweden.
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Elsewhere, the odds have also been cut on Rangers finishing in the top eight of the league phase - which would guarantee a spot in the last 16 stage.
With William Hill, Rangers are 13/2 to make the top eight and avoid having to play a knockout phase play-off. William Hill price Rangers at 50/1 to win the league phase.
But BetVitcor make it shorter odds for Rangers to reach the final of the competition with a 25/1 odds price. BoyleSports have Rangers as 50/1 to win the Europa League - way down from the 100/1 odds before the competition kicked off.
Rangers Europa League odds
To finish in the top eight of league phase - 13/2 William Hill
To win the league phase - 50/1 William Hill
To reach the final - 25/1 BetVictor
To win the Europa League - 50/1 Boyle Sports
Odds from oddschecker
