The Philadelphia 76ers face a major setback as reigning MVP Joel Embiid has been ruled out of Wednesday's Game 2 against the New York Knicks due to hip and ankle soreness. This development has sent shockwaves through the betting markets and shifted the dynamics of this Eastern Conference semifinal series.

Sportsbooks wasted no time adjusting their lines. The Knicks, who already dominated Game 1 with a 137-98 blowout victory, saw their point spread jump from 7.5-point favorites to 10.5-point favorites. The moneyline also shifted dramatically, moving from -294 to -426 in favor of New York at Madison Square Garden. This quick reaction reflects the significant impact Embiid's absence has on the 76ers' chances.

However, Philadelphia isn't entirely unfamiliar with playing without their star center. The 76ers have gone 22-25 in 47 games without Embiid this season, compared to 27-16 when he's on the court. Notably, they pulled off a 111-97 victory in Boston just two weeks ago during the first round without their big man. Embiid's presence was crucial in their series-clinching Game 7 win over the Celtics, where he posted 34 points, 12 rebounds, and six assists in a 109-100 upset.

But Game 1 against the Knicks told a different story. Embiid struggled mightily, scoring just 14 points on 3-of-11 shooting with only four rebounds in 25 minutes. The Knicks, who have won their last four playoff games by an average margin of 33.8 points, look poised to extend their dominance.

According to the SportsLine Projection Model, which simulates every NBA game 10,000 times, the Knicks still hold a 67% chance to cover the spread despite the line moving three points in their favor. For 76ers fans, the hope lies in their team's resilience without Embiid, but the odds are stacked against them as they try to even the series in New York.