Yes,

Consider Horses A, B, C and D in the race.

The odds are 5/2, 4/1, 7/1 and 8/1 respectively.

First determine their decimal probability with 1/(1+odds). So, again respectively,

1/(1+(5/2)) = 1/3.5 ~= .286
1/(1+4) = .2
1/(1+7) = .125
1/(1+8) = .111

And total that for 0.722. If this number is greater than or equal to 1 these horses cannot be dutched (which you will find is always the case with totes, bookies, etc. -- in fact, the closer to 1 the better deal you're getting).

Now take 1 - 0.722 = 0.278.

Imagine the amount you would like to win is $50. So you would take your bet divided by the total times the probability. So, rounded to the nearest dollar, this would result in:

50 / 0.278 * .286 = 51
50 / 0.278 * .200 = 36
50 / 0.278 * .125 = 23
50 / 0.278 * .111 = 20

No matter who comes in, your profit will be (around) $50 (net profit on one horse less the wagers on the others).

I hope that all made sense!

-Duck