RANGERS' odds on winning the Europa League have been slashed following their huge 3-0 win over Red Star Belgrade last night.

Giovanni van Bronckhorst was keen to stress that it was only half-time in the last-16 tie. 

However, there is no doubt that the goals from James Tavernier, Alfredo Morelos and Leon Balogun have earned Rangers a big advantage going into next Thursday's second-leg in Serbia.

The first-leg victory has certainly fired the Ibrox side into a great position to make the last-eight of the competition. 

So it's only natural that wandering eyes are starting to look further ahead, with fans dreaming of a trip to Sevilla come May 18.

Following last night's game, as well as knocking out Borussia Dortmund in the last-32, bookmakers are cut the odds on Rangers winning the whole thing.

Betfair have slashed the Light Blues' odds from 25/1 down to 14/1.

van Bronckhorst’s side were 150/1 to win the competition at the start of the knockout stages.

But while the bookies are taking notice of Rangers' progress, the Ibrox side are are 2/1 underdogs to win their second leg clash in Belgrade.

The favourites to win the Europa League are Barcelona at the short price of 5/2.

Reb Leipzig and Sevilla follow closely behind at 4/1 and 5/1 respectively.

Atalanta and Lyon are the only other two sides with a shorter price than Rangers, with the Italians 15/2 and the French outfit available at 10/1.

West Ham are out at 16s, Bayer Leverkusen are on 22/1 and Real Betis are are 25/1.

Betfair spokesperson Sam Rosbottom said: “Another famous European night in Glasgow saw Rangers take a huge step in booking their place in the Europa League quarter-finals by easing past Red Star Belgrade.

"Giovanni van Bronckhorst’s men have moved from 25/1 to 14/1 to win the tournament overnight, while Barcelona remain the 5/2 favourites to go all the way.”