To calculate the odds, you would take your potential winning entries (84) and your potential losses (106,000,000  84 = 105,999,916). That's odds of 84 to 105,999,916. Reducing this by simplifying (I used an online calculator), we get odds of 21 to 26,499,979.

For example, if you bet NGN 5 on a horse with odds of 5/1 and it wins, you will receive NGN 25 in profit (5 x NGN 5), plus your original NGN 5 bet. One of the advantages of fractional odds is that they can be easily converted to other types of odds, such as decimal odds or American odds.