In a disappointing turn of events, the New York Rangers suffered a setback in their pursuit of the Stanley Cup after losing Game 1 to the Florida Panthers in the Eastern Conference Final on Wednesday night. This defeat has left the Rangers with an uphill battle as they enter Game 2, with their odds of winning the series dropping to +245 at FanDuel Sportsbook, placing them in long-shot territory.

Prior to the start of the series, the Rangers were already considered underdogs, coming in at +130 to win the conference. "We, as oddsmakers, make odds based on facts and stats, not on hope," emphasized DraftKings Director of Trading, Johnny Avello. He believes that, although the Rangers still have a chance at winning the Cup, the Panthers are the stronger team on paper.

With this recent loss, the Panthers are now favored to make the series short-lived, with FanDuel pegging them at -164 to win in six or fewer games. Among the remaining four teams vying for the Cup, the Rangers now have the worst odds at +600 heading into Thursday's Game 1 between the Edmonton Oilers and the Dallas Stars.

Looking ahead, Avello predicts that should the Rangers advance to the Stanley Cup Final against either the Dallas Stars or the Edmonton Oilers, they would likely be once again significant underdogs, with odds of at least +100.

The Rangers had a strong start in the playoffs, jumping out to 3-0 leads in both the first two rounds. However, they now find themselves in an unfamiliar position of having to fight back in a series. Over their last four games, the team has struggled, going 1-3 and conceding at least three goals in each match.

Interestingly, the Rangers were once the favorites among the betting public, attracting the most money to win the title compared to any other playoff team at ESPN Bet in late April. Nevertheless, their recent performance has caused a shift in perception, placing them in an underdog position as they battle to keep their Stanley Cup dreams alive.

As the Rangers prepare to face the Panthers in Game 2, they will need to regroup and find a way to overcome the odds stacked against them. The road to the Stanley Cup grows tougher, but with their playoff experience and determination, the Blueshirts still have a chance to turn things around and keep their championship hopes alive.