Rangers have had their odds on winning the Europa League shortened after being paired against Slavia Prague.
The draw has been viewed as favourable by the bookies and has been boosted by some of the favourites being drawn against each other.
Manchester United were drawn against AC Milan while Roma take on Shakhtar Donetsk.
And it means Rangers have seen their odds shorten from 22/1 to 19/1 with Betfair.
That places eighth in the favourite lists, with last 16 opponents Slavia Prague marketed at 43/1.
Manchester United are still favourites at 7/2, with fellow English sides Tottenham at 9/2 and Arsenal at 6/1.
The last 16 games will take place in March, with Rangers traveling to the Czech Republic on March 11 before the return leg at Ibrox a week later.
FULL DRAW
Ajax v Young Boys
Dynamo Kiev v Villarreal
Roma v Shakhtar Donetsk
Olympiacos v Arsenal
Dinamo Zagreb v Tottenham
Manchester United v AC Milan
Slavia Prague v Rangers
Granada v Molde
FULL ODDS
Manchester United 7/2
Tottenham 9/2
Arsenal 6/1
Ajax 9/1
Villarreal 10/1
Roma 13/1
AC Milan 14/1
Rangers 19/1
Shakhtar Donetsk 22/1
Granada 28/1
Dynamo Kiev 35/1
Olympiacos 41/1
Slavia Prague 43/1
Dinamo Zagreb 60/1
Young Boys 60/1
Molde 130/1
