Actually the odds do matter.

They give us a real indication of the horses chances (which are affected by the barrier unfotunatly). What we should do for analysing the barrier at each distance is to get the chances of each horse winning (sum them up) and compare the difference to the actual wins.

This will tell you a much better idea of if the barrier gives an advantage. It will also show you whether there are any anomolies which can be taken advantage of by looking at sum vs actual ( barrier 12 or wider on a 1000m sprint at Hobart <--I just made this up and have no idea).