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Dec. 13th. 2006
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TABLE OF CONTENTS

POT LIMIT OMAHA HIGH
by Lyle Berman

There was only one possible choice of a writer for the pot-limit Omaha chapter—world-renowned businessman and the greatest pot-limit Omaha player in the world, Lyle Berman. While his game is geared for ultra high-stakes poker, Lyle was the first player to really crunch the numbers of the game and has calculated statistical charts that were the first of their kind.
An all-around poker player, Lyle has won three gold bracelets at the World Series of Poker: one each in limit Omaha, no-limit Texas hold’em, and deuce-to-seven lowball. When Super/System first came out in 1978, Lyle bought a copy and let it gather cobwebs until 1983, when he finally read it. That year he won $10,000—not in poker, but in a craps game—and decided to kick back by entering a $100 buy-in poker tournament at the Stardust.
“I didn’t win the tournament, but I found that I enjoyed playing poker more than shooting craps,” he told me. “And from that point on, I was hooked.”
Always a quick study, he won the pot-limit Omaha event at the Super Bowl of Poker at Lake Tahoe the very next year. In 2002 Lyle was awarded poker’s highest honor when he was inducted into the Poker Hall of Fame.
Ironically, as great a player as he is, Lyle’s legacy to the poker world will not be his exploits at the table, but rather the popularity explosion poker has enjoyed thanks to the World Poker Tour on television. Had it not been for his backing and participation in the management of the WPT through his company, Lakes Entertainment, a generation of new players might never have evolved. Millions watch the innovative and exciting poker program that offers peeks at the players’ hole cards and follows the action through expert play-by-play commentary. Along with Benny and Jack Binion, Lyle Berman will go down as one of the founding fathers of the new world of poker.

INTRODUCTION

People used to think of no-limit hold’em as being the biggest game in town, but there aren’t many high-stakes no-limit hold’em games anymore, outside of tournaments. Today, the version of Omaha played for high only, which is the subject of this chapter, is the highest-stake pot-limit poker game played in the world. That alone should make this chapter the most colorful and exciting in this book!
Big Omaha games played at fixed limits are rare, but when pot-limit poker is played, Omaha high—often referred to simply as Omaha—is where the action is. It’s the professional’s choice. Professionals often choose to play at tables where a variety of different poker games are dealt. In this environment, you might see fixed-limit Omaha played with $1,500/$3,000 blinds during the big tournaments. These can be bigger than the $100/$200 pot-limit Omaha games, because more money will trade hands.
Years ago I read a chart of starting hands and I assigned points to them according to the flop. What my point-count showed is that at the end of the day, there are no monster favorites in Omaha like there are in other games. For example, in hold’em, if you have two aces and someone is playing a pair against you, your aces are a 4 to 1 favorite. In Omaha, no hand is a 4 to 1 favorite. That’s why there is so much action to the game and why you can take a lot more flops than you can in hold’em. In simple terms, you’re not always getting the worst of it. If two reasonable hands are dealt, it is rare for one to be a 60-40 favorite over the other.
THE GAMES I PLAY

The big pot-limit Omaha games I play with my friends occupy a unique niche in poker. We play high-stakes games with blinds from $50/$100 up to $1,000/$2,000, with or without a cap, which is a predetermined amount of money that a player can lose in one hand. Frequently in Omaha, great hands come up and players have to put in all their chips. So knowing whether or not your game has a cap will affect your strategy.
For example, if you have a substantial amount of money on the table in a game with no cap, you have to play more cautiously. You can’t afford to take the turn with a bottom or middle set, so you don’t want to play the low or sometimes even the middle pairs. We don’t often play this way, because players tend to quit the game when they’re winning and have a pile of money in front of them. And believe me, we don’t want people quitting, because at the stakes that we play, the pool of players isn’t very large. On the other hand, if there is a cap, bottom or middle sets may be worth the risk to play. So having a cap not only makes the game less volatile, it also creates a lot of action. We don’t want someone to lose all of his money on one hand, so we almost always play this way.
Without the Europeans, who join us during the World Series of Poker and the big tournaments at Bellagio, pot-limit Omaha games with $50/$100 blinds and higher are rare. But this doesn’t mean that you can’t find profitable games at lower limits, especially at multi-game tables.
Generally, when multi-game poker is spread, we play eight hands each of Omaha, limit seven-card stud eight-or-better, no-limit hold’em, and seven-card stud. At our big game during a recent Bellagio tournament, we played seven games: no-limit hold’em, limit hold’em, no-limit deuce-to-seven lowball, limit triple draw deuce-to-seven, limit seven-card stud, pot-limit Omaha, and limit Omaha eight-or-better.
It’s a challenge to play multi-game poker, and it does keep some people out of the game. Almost nobody excels at every game, but there are specialists who are great at one game and decent at another. We’re not looking for this type of player. We want people who will play all the games and are great at some, just okay at some, and hopefully terrible at others.
Sometimes we structure our multi-game sessions to fit the tastes of players. For example, Sammy Farha, who came in second at the 2003 World Series, doesn’t play all the games, but he does like to play a few of them. He’ll play Omaha eight-or-better, triple draw, and pot-limit Omaha, so when he joins us, we play the games he likes because we enjoy gambling with him.
Whether you seek to play pot-limit Omaha at these stakes or at more modest ones, keep in mind that you need to know about caps and that you might find yourself in situations where you’ll need to play other games as well.


OMAHA VS. HOLD’EM

What sets pot-limit Omaha apart from hold’em is that in Omaha, each hand is comprised of four cards, two of which you must use in combination with three cards from the board. If you’re playing in an eight-handed hold’em game, there are only eight hands in play. But if you are playing an eight-handed Omaha game, everyone has six possible combinations, so there are literally forty-eight hands in play. So here are seven things you need to keep in mind when playing pot-limit:

1. The Nuts
The best possible hand is often out. That is, somebody has the nuts much more often than novices expect, especially if they are used to playing no-limit hold’em. When a player raises in pot-limit Omaha, especially on the end, he very often has the very best hand possible. For example, if there’s a possible flush on the board and someone reraises at the end, he usually has the nut flush. The same goes for straights.

2. Bluffing
There is far less bluffing in pot-limit Omaha than there is in no-limit hold’em. Of course, players do bluff in pot-limit Omaha, but with so many hands possible, it’s more difficult. You must be more cautious when you bluff because it is likely that someone will have the best hand or the best draw.

3. Starting Hands
With so many possible combinations, you can usually play more starting hands in pot-limit Omaha, if the structure is right. And if you hit certain hands, the payoff can be very good. You can play a little looser before the flop if you truly understand the game, interpret the flop correctly, and know which hands to play carefully, which to bluff with, and which to fold.

4. Drawing Hands
You can play a lot more drawing hands in pot-limit Omaha, but you should make sure you’re drawing to the nuts most of the time. Some classic problems arise when you’re drawing to less than the nut flush or the bottom end of a straight. For example, suppose there is a 10-5-4 on board and you have the 6-3 in your hand. This is not a very good drawing hand because you are drawing to the bottom or ignorant end. You will have the best hand if you hit the deuce, but if a 7 hits, you face the risk that someone has the 8-7-6-5 and has made the higher straight. Of course, you would always like to have the wrap straight draw with the nut-flush draw. Let’s say that the flop comes with the 10? 5? 4?. You have the A? 8? 7? 6? in your hand. You have six hands to draw to, all of which are pretty much in play.
As a general rule, if you are going to draw to a straight or a flush, make sure it’s the best possible straight or flush—otherwise, it gets too expensive. If you have two opponents and each of them has six possible hands, you might think of it as having twelve hands out against you, not just two.

5. Volatility
Pot-limit Omaha is more volatile than hold’em. You’re going to play bigger pots more often, and you’ll seldom be a huge favorite in a hand. Many times, hands come up that both you and your opponent would still put all your money in the pot with—even if the cards were played face up. Typically, this happens when one player has the top set and his opponent has a big wrap or a wrap with a flush draw. In this scenario, if one player bets and the other raises, both players are going to play the hand, no matter which side of the raise they’re on. It’s basically a coin flip when you’re in this type of situation, because the odds on the two hands are just about even money. You become the victim of the cards since neither hand is a big favorite over the other. It is harder to lay down coin-flip hands in pot-limit Omaha than it is in hold’em. You just aren’t going to fold top set or lay down a flush and straight draw.

6. Backdoor Hands
Backdoor hands are made more often in pot-limit Omaha than in hold’em. And although you’re primarily playing your main hand, you might also have a backdoor draw, because you have six hands rather than two. Suppose you flop two pair or a set with one of your flush cards also on the board. You and your opponent, who flopped top set, get all your money in on the flop. Then it comes runner-runner in your suit to make your flush and win the pot.
In other words, you have escape valves in pot-limit Omaha that you don’t have in hold’em. In hold’em you have only two cards to start with, and sometimes there is no escape possibility—you’re trying to hit two specific cards and that’s it. The odds of two of your suit coming on the turn and river are about 23 to 1. But in Omaha, the odds are more in your favor. Let’s say that I have A? 10? 2? 2? and the flop comes J? 7? 2?. My opponent makes trip jacks and I make trip deuces. We get all our money into the pot. I still have about a 10 percent chance to make a flush if it comes club-club or diamond-diamond on the turn and river. Therefore my backdoor possibilities, my escape valves, are pretty important.

7. Implied Odds
Understanding implied odds is very important in both pot-limit Omaha and hold’em. In part, your implied odds in a hand take into account what you are going to be paid off with.
But you often cannot count on that payoff in Omaha. For example, if you’re drawing to the nut flush and you hit it on the river, there is a strong chance that nobody is going to call you. Therefore, although you must be aware of your implied odds in Omaha, you must also realize that there’s a good chance that you may not get called on the river if you make the nuts.

General Guidelines for Raising
Before we get into the advanced concepts, I want to give you some advice on raising. In the early stages of a hand—before and on the flop—you typically raise the size of the pot. Later on in the hand, you may choose not to bet the size of the pot. Clearly, when you have the best hand, you want to get your opponent to put in the maximum money to draw to his hand or get him to fold so that you can take the pot. Betting the maximum amount of money serves both these purposes quite well.
For example, suppose you have a set. The last thing you want to do is to make it profitable for an opponent with a flush or straight draw to call with one card to come, because he will be able to fire on the river if the board changes. And since you don’t know for sure whether he is on a straight or flush draw, you will be at a disadvantage. In other words, you don’t want to give him the proper odds to call your bet.


ADVANCED CONCEPTS

When we talk about advanced concepts for high-stakes games, it should be clear that some of these work in medium and low-stakes games as well. No matter how high or low the stakes, you’ll profit from the pointers in this section.

The Best Hands To Play
When you have good hands, you’re going to play most of them. I play the hands described in this section, and so does everybody else. Players like to debate whether A-A-K-K double-suited is a better hand than A-A-J-10 double-suited. I much prefer A-A-J-10, and I think that most other players do too. But it really doesn’t matter which hand is better because you should play both of them. Of course, there’s a big difference between hands that you can bet on after the flop, and those that you can’t bet on because you went all-in before the flop.
I also like a hand with three connected cards and a suited ace, such as A? 8? 7? 6? or A™ J? 10? 9?. Three connected cards with one gap and a suited ace is also fine. With a hand like this, you’re either going to be in the hunt, or you’re going to throw the hand away. You can flop a very good hand, like a flush or a straight, or good draws to them. And many times you’ll pick up a monster draw, such as a flush draw combined with a straight draw.
I like these hands because they’re not trouble hands. If they’re very good on the flop, play them. If not, throw them away.
A double-pair hand, such as J-J-10-10, is also good. When you’re dealt a double pair, you will flop a set about one time in four. If you flop a set, you’ll probably be in a very profitable situation. If you don’t flop a set, you’ll probably just fold.
You want hands in which all four of your cards are working together. If you have Q-Q-J-10 your hand is obviously superior to Q-Q-8-6. Suited cards look much better before the flop than after. If you don’t have the nut flush draw, you really don’t want to play them.
But suited cards do have backdoor possibilities. Sometimes, if you turn a set, you still have a chance to make a backdoor flush. Suited cards also are very good from a defensive standpoint. For example, say you have two hearts in your hand and you flop a set with two hearts on board. Your hand makes it more difficult for an opponent to hit his hearts if he is playing the ace-high flush draw. If you have a good hand independent of the flush draw, your flush draw can play defense, as opposed to offense.
For example, suppose you have the Q? Q? J? 10?, and the flop comes with the Q? 7? 4?. You have top set and a flush draw. With nine hearts to draw to, an opponent who has the nut flush draw is 1.81 to 1 to make the flush. However, since you have two of them, he has only seven hearts to draw to, making him a much bigger underdog to make it. You really don’t want a heart to hit, so I call cards like these defensive hearts instead of offensive hearts. You already have the best hand, and you have cards he needs.

Dangerous Hands To Play on the Flop
If you’re relying on making a flush that is lower than the ace-high flush, you’re drawing to an inferior hand. Low suited cards may look good before the flop, but as soon as the flop comes, they diminish in value.
It is very dangerous to play top and bottom pair, bottom two pair, and less than the nut straight or flush draw. With small pairs, you can flop a set. But this can be dangerous because when you get beat with a set, you get beat expensively. That’s why you don’t play hands such as K-6-6-2, whether its unsuited, suited, or double-suited. You stay away from those types of hands.

Bad Hands To Play Before the Flop
A hand like Q-Q-7-2 is not good because you’re really only playing one hand. You just don’t have enough going for you. You might play this type of hand in position or in special situations, but in general, you have to play the odds. And the odds are that you need more than one possible combination. You need a tight hand, one that fits in a box without a dangler hanging over the edge. For example, when you hold 10-9-8-7, you have every combination working. But when you have 10-9-8-2, you have three combinations—10-2, 9-2, and 8-2—that don’t have much going for them. I’m not saying that you would never play a hand like Q-J-10-2—the hand has some substance to it—but you wouldn’t want to play 9-8-7-2, because it doesn’t have enough going for it.

Position
Position is incredibly important in pot-limit Omaha, maybe more so than in any other poker game. Whether you play certain types of hands or muck them always depends on your position. You’ll make more on your good hands and lose less on your other hands when you play them from the correct position.

Bluffing
There are some good bluffing opportunities in this game, though perhaps fewer than in other forms of poker. You’ll pick up most of your bluffing opportunities after people have checked to you, indicating that they may have nothing. Every check represents either a lie or the truth and your challenge is to figure out which is which.
Most of the bluffing in Omaha happens on uncoordinated flops, and they usually are made by a player sitting in late position. Uncoordinated bluffs are often hard to defend. There isn’t as much bluffing on the turn and river because so many different combinations are possible.

What You’re Looking for on the Flop
In addition to completed hands, you’re looking for nut flush draws, nut straight draws, sets, and top two pair, although the top two pair is often dangerous.
When it comes to straight draws, you’ll probably want to play Q-J-10-9, because you’re going to turn the top end, when you turn it. On the other hand, if you play small cards such as 6-5-4-3, you can very easily turn the bottom end of something. This isn’t so good, because it’s so much easier for someone to make the top straight in Omaha than it is in hold’em. For example, if you’re holding 6-5-4-3 and 9-8-7 or 8-7-6 on the flop makes your straight, an opponent might be holding 8-9-10-J, giving him the higher straight. This is not to say that you never play a low sequential hand. If you’re in the correct position, the pot has not been raised, and there isn’t much action in front of you, you’ll probably play that 6-5-4-3.
It isn’t as important for your low cards to be suited as it is for your high cards, but suits are still good. Remember, you want suited cards for two reasons: (1) they have backdoor flush possibilities; and (2) they have defensive possibilities as blockers that make it harder for your opponent to make a flush.

Playing Big Pairs with No Connecting Cards
Even with the big pairs, like pocket aces or kings, you should care about your connecting cards, because you want something working with them. A player might easily throw away a hand such as K-K-7-2 before the flop, since there’s no possibility of making the connecting cards work for him. I often play that hand, but tighter players will fold it without thinking twice. However, even I would not play K-K-7-2 for a big raise.
There are times when you might like to play a smaller hand such as 6-5-4-3 if the pot is raised in front of you. With small connecting cards, you can turn a straight or two pair. And two small pair becomes a monster when your opponent indicates that he has two aces or two kings and didn’t hit the flop.

Don’t Raise from Up Front
Never raise before the flop from a front position. This is a cardinal rule of Omaha. When you have to act first on subsequent streets, you’re at a tremendous disadvantage. The better your hand, the bigger the disadvantage, because you’ll want to protect it. Suppose you raise from up front with a very good hand that contains a pair of aces or kings. You don’t hit the flop, but it looks innocent. Be careful here—there still are many possible draws to even the most innocent of flops. You’re first to act and you want to win the pot, so you make a bet at it. Then somebody comes over the top with a raise. You’ve put enough money in the pot that you almost have to call. See the problem?
Pot-limit Omaha is a game that you don’t like to play from up front. You’re going to take flops with good hands, but you don’t want to raise with them from a front position. One problem with raising is that you’re advertising that you have a good hand. Typically, players don’t want to raise with a low hand, so your opponents will have the tendency to put you on a high hand. Of course, you can be somewhat deceptive and raise with a drawing hand, but you must be prepared to call a reraise behind you. Also, when you raise from up front in pot-limit games, you’re giving the other guy twice the ammunition to fire back at you. This can be particularly dangerous if you don’t have a really top hand.
So here is a general rule: do not raise before the flop from under the gun or from the two blind positions, because you’ll be over-committing yourself to your hand. It’s much better to be committed from the backside, because players tend to check to the raiser on the flop. More often than not, when you have a big hand up front, you should limp. Most of the raising in pot-limit Omaha is done from the late seats. If you raised from behind and the flop is scary, you can take off a free card if you feel like it, whereas if you raised from the front, you have to declare what you’re going to do before anyone else acts. The bottom line is that you’re simply putting too much money at risk when you raise from up front.
Here’s a situation where you might think about making an exception and raise from up front. Say you’re playing $50/$100 blinds and each player has $100,000 in front of him. If you raise $200 from up front, an opponent can call $200 and raise $500. That isn’t too terrible. You have $700 in the pot and you still have $100,000. Or if you’re playing $50,000 cap, you still have $49,300 to go.
We have one player in our game—I’ll call him Joe—who plays a different brand of Omaha than anyone else. Joe literally raises eight of nine hands. It’s unbelievable. But we have a small structure in the game that Joe plays. It’s $50/$100 or $100/$200, and he’s raising $500. Even if somebody comes back at him, they’re only going to raise him $2,000, and since he still has a long way to go to reach the $50,000 cap, he doesn’t mind the action.
The point is this: before you raise, remember that you could get closed out of a hand if somebody with aces came back at you, although aces generally are never more than about a 3 to 2 favorite over any other hand.

Reading the Board on the Flop
Reading the flop is critical in Omaha. You have to know what is the best possible hand and what is the best possible draw. This is an elementary concept for experienced players, but it’s quite easy to miss a straight possibility on the board or to think that you have the best straight draw when a higher one is possible. It’s also important that you be able to identify the cards that your opponent needs in order to call the flop. Ask yourself, “What are the possibilities out there, and what might my opponent have?”
Suppose the flop comes Q? 10? 7?, and you have two black queens in your hand. If you bet and someone only calls, you can pretty much infer that your opponent has a straight or flush draw. If he had both, he would probably raise. And if he had an underset, he would probably reraise. So, if you have a set or top two pair and somebody calls your bet, there is a high probability that he is on a draw. Your job is to guess what hand might have made him call your bet.
Now let’s take a look at another situation in which reading the flop is critical. Suppose you have pocket threes, and the flop comes J-7-3 rainbow, giving you trip threes. You raise and someone reraises. Most people would not reraise you with an inside straight draw such as 10-9-8-x or 6-5-4-x. So, if there isn’t much out there and you get reraised, you can pretty much infer that your opponent has the top set, unless he’s bluffing. If there isn’t a big draw possibility on board, then it is more likely that the raiser has top two pair or a set. So, this might be a good time to fold your bottom set.
Here’s an example from a hand that actually happened in a big pot-limit Omaha game with a $75,000 cap. The pot was raised and reraised before the flop. Five players—David Grey, Chip Reese, Johnny Chan, Jay Heimowitz, and I—put in $15,000 each to see the flop, a very rare occurrence.
The flop came Q-7-5 rainbow. I had the 8-6-4-x, so I had the bottom straight wrap. I bet $60,000 to try to pick up the pot, and David called with essentially the same hand that I had, the low straight wrap. Chip was next and he called with the 9-8-6-x, the high wrap, much better than mine. Johnny had raised the pot before the flop with two aces, and with three of us already in on the flop, he called, thinking he could still win the hand if he caught an ace. I think he also had a backdoor flush draw.
Then it was Jay’s turn. He had pocket queens and made top set on the flop. Now he has all these guys in the pot with him and he’s sitting there with trip queens! The next card off was a 6, which gave David and me the bottom end of the straight and Chip the top end. When a blank came on the river, Chip won the hand and $375,000.
To this day, that is one of the biggest pots we’ve played in our game. And it’s a good example of why you don’t want to put your money in with the bottom end of the straight. This reminds me of the old saying about a guy who owned four farms: He lost three of them drawing to inside straights and lost the fourth one when he made it.
Another interesting hand came up a few years ago in a tournament. I’ve got two aces in my hand, and the flop comes A-10-10. A fellow leads at the pot, and I call. At this point, I don’t know what he has. He could have a hand or he could be bluffing.
A blank comes on the turn, he leads at it again, and again I call. Now I know he’s not bluffing—he has a hand. And there are only two hands he could have: quad tens or tens full of aces.
Another nothing card comes off on the river and he leads at it a third time. Now I know for a fact that he either has 10-10 or A-10. Since there is only one way that he could have 10-10 and two ways that he could have A-10, it’s 2 to 1 he’s got A-10. I just call with my case chips, because I’m thinking that if he had 10-10, he would not have led at the pot. Usually it’s an automatic check when you flop four of a kind, because you want to let somebody catch up. But not this time. He had 10-10. And I had a very nice view from the rail.

Picking Up the Pot on the Flop
Most of the bluffs in pot-limit Omaha come on the flop rather than on the turn or river. It’s usually easier to pick up the pot on the flop from behind—that is, from late position—although you can also pick it up when you’re in the lead or early position. In fact, it is even easier to bluff on the flop from late position in Omaha than it is in other games because with four cards in your hand, you’re more likely to flop something. When there are few possibilities on the board—that is, no flush draws and no wrap straight draws—it is easier to bluff than if the board were coordinated in some way. Flops like J-7-3 and Q-5-2 make it easy to pick up the pot.
But sometimes the opposite is true. When there’s a very scary board, you can sometimes pick up the pot because nobody wants to commit. Let’s say that the board comes with three diamonds, and everybody checks to you. You might take a stab at it, representing a made flush. If nobody else has anything, they’ll often just give it up.
It’s possible to pick up the pot with a bluff on the turn and river, but that’s much harder to do than picking it up on the flop. If a player calls on the flop with a drawing hand, he will usually call on the turn as long as the board doesn’t change dramatically—that is, as long as it doesn’t pair or show a third suited card. Suppose the flop comes K-10-7. You bet, someone calls, and a deuce comes off on the turn. If you bet again, you can be pretty sure that you will be called again.

Draw Only To the Nuts
This concept is incredibly important in Omaha: When you’re drawing to a straight or a flush, draw to the nuts or don’t draw. Although this isn’t true 100 percent of the time, it is at least a 98-percenter. Even if you’re drawing to the nut flush, you’re only going to make it approximately one out of three times anyway, so why draw to the non-nuts? It’s simply a bad play.
Of course, there are times when you might draw to a non-nuts flush, but only when you have other possibilities working for you, for example, when you have other cards in your hand that might help you win the pot even if you don’t make the flush. Suppose you have the K? J? 10? 8?, and the flop comes 10? 7? 2?. You have the second-nut flush draw, a gutshot straight draw, plus the possibility of making trips or two pair. You aren’t 100 percent sure where you’re at in the hand, but the hand has enough value to warrant taking a card off.
If you hit your draw, you don’t want someone else to hit it bigger. Suppose the flop comes 10-6-5 to your 7-4-x-x. If an 8 comes, you will make your straight, but someone with 9-9-8-7 will make a higher one. Nor should you draw in the hopes of making two pair if most of the cards that will make a second pair for you could make a straight for someone else.
If there is a flush draw possibility on the board, putting too much money in the pot is dangerous when you are drawing to a straight, because the possible flush takes away 25 percent of your cards. Three bad things could happen: (1) you miss your straight; (2) you make the straight with a card that gives your opponent the flush; or (3) you make a straight on the turn with one card to come and your opponent makes the flush on the river.
Of course, there are always minor exceptions, times when you might think about drawing to the non-nuts. For example, suppose a guy raises before the flop, and you know that he only raises with big pairs. You flop the bottom wrap straight draw. You have clear insight into the type of hand that your opponent has, so you have good reason to think that a small straight draw might be good. Since you’re pretty sure that he doesn’t have the top wrap, you might draw to the lower straight. But if you don’t have a clear read in heads-up action like this, you draw to the nut flush or the best straight—or you don’t play the hand.

Playing the Nut Straight from Late Position
Here’s a hand that I played some time ago that illustrates an important concept. I was sitting on the button with 9-6-x-x, and the flop came 8-7-5. A player led into me and I just called, for two reasons:

(1) His bet implied that he had a made straight.
(2) If the board paired on the next card, I could probably take the pot away from him by betting, thus representing a full house.

Equally important, if he had the second-nut straight, as I suspected, raising on the flop would have told him that I had the best hand, and he might have folded. But, if I just called on the flop, he checked the turn, then I bet, he’d have no idea what I was holding. Do I have the nut straight? The second-best straight for a tie with him? Do I have two pair or a set that I’m betting because I don’t think he has the straight? As it turned out, he checked on the turn, I bet the pot, and he called with all the money he had on the table. As I suspected, he had the 6-4, and I won the pot. Judging from the way he played, I knew that this particular player would have folded if I had raised him on the flop.
When you play with strong players, they will often bet at the pot with less than the nuts. If you have the best hand and raise behind them, it’s very easy for them to throw their hands away. In other words, top players are not reluctant to fold a hand if they think they are beaten. Here’s an example: I was playing in a game with David “Devilfish” Ulliot. I bet, he called, and off came a card that made the second-best straight for me. I checked, and he also checked behind me. Had he bet, I think I would’ve thrown my hand away. Nothing came on the river to change things, and again I checked. This time, he bet. I had a very hard time putting him on the nut straight since he’d let a free card come off with one to come. After all, I could have had a set or two pair, in which case he was giving me an absolutely free draw to a full house. So, I paid him off. Turns out, he had the nut straight. I lost.
You can make a similar play with the nut flush. Let’s say that the flop comes with three hearts, giving you the ace-high flush. An opponent checks, you bet, and he calls. On the turn, nothing significant comes off. Now’s your chance to make a sophisticated play: If he checks, check right behind him. That way, he’ll think that his king or queen flush is good. On the river he might bet right into you, or if he checks again and you bet, it might appear to him that you don’t have the nuts and he might call. This strategy gives you a way to get paid off on the hand.
When playing against very good players, it is occasionally wise to check on the turn with the absolutely best hand. In essence, you delay betting in order to make more money at the end.

Playing Cautiously with the Nuts
When I first started playing back in the ‘80s, I lost my first big pot in a game where I flopped the best possible hand. It was against Bobby Baldwin, and we both had the nut straight, but he also had a heart draw. When a heart came on the river, he won a very large pot. This taught me the lesson that in Omaha having the best hand at the moment doesn’t always make you the favorite.
Omaha is one of those rare games in which you sometimes need to exercise caution when you’re holding the absolute best hand on the flop. One of the most perilous situations you can get into is when you flop the nut straight with a flush draw on the board, and somebody raises you. Let’s say that the board comes 8? 7? 6?, you have a 10-9-x-x in your hand, and your opponent raises you. Two bad things can happen:

(1) At the very least, your opponent has also flopped the nut straight with perhaps an overcard that could make a higher straight. If he has the J-10-9, and a 9 or 10 falls, you will lose the hand to a superior straight.
(2) You might be up against the same straight—in which case you might win very little by splitting the pot—not to mention a flush draw, two pair, or a set, and you’ll lose a great deal of money if your opponent hits.

The point is that experienced players in big-limit poker would be very cautious about reraising with only a naked nut straight. They need more than that in order to raise. So when you bet and a good player raises, there’s a good chance that he has you tied and also has outs to a better hand.
Here’s an example from a $50,000 cap game I played a while ago with Joe and another player that I will call Bill. Bill had been killing the game, winning a lot of pots. Two deals before this particular hand was played, Bill had showed his cards on the river. He had a hand that was the second-best possible, a hand that almost anybody would have bet in this scenario. But Bill elected to just show it down, thus telegraphing to everyone how cautiously he was playing.
Now, two hands later, the flop comes Q-J-10 with two clubs. Bill checks, Joe bets, and Bill raises. If I had been Joe, I would have thrown my hand away at that point and lost about $4,000, because there was no question that Bill had the nut straight with a flush draw. But not Joe—he raised the $50,000 cap. Off came a club on the turn, and Joe lost his $50,000. This is another example of how a previous hand can affect your play as the game goes forward, and again why you should be very observant of your opponent’s play at all times.
One interesting point to make about the play of this hand is that it shows how a very good player can make money against a mediocre player. I would have lost $4,000 playing this hand, but Joe lost $50,000 and thought he had been very unlucky. He wasn’t unlucky at all—he simply played the hand horribly. If the flop comes Q-J-10 with two flush cards, giving you the nut straight and you get raised after you’ve bet, it is almost an automatic fold. Why? Because very few players in our high-stakes game would put in a lot of money with a naked A-K on that flop. Perhaps at lower limits, less advanced players would play differently.
I once had the same type of hand in a tournament, except that the flop came 9-8-7. I bet with the nut straight, and there was a raise and a reraise behind me. “This straight can’t be any good,” I said to myself as I threw it away. As it turned out, however, one guy had a flush draw and the other one had a set. Neither one of them got there, so I would have won a humongous pot. But the point is that in Omaha there are situations when throwing away the nuts is obviously the proper thing to do—usually when you have the nut straight and it’s pretty clear that an opponent has the same hand, plus a draw to a flush or a bigger straight. This doesn’t happen when you have the nut flush because nobody can make a better flush.
The question of risk versus reward is very relevant in this type of situation. In the hand that Bill and Joe played, Joe had very little money invested in the hand, only about $4,000, and he had to either make it $50,000 or fold. Now that’s a big difference—put in $46,000 more or fold! The risk-reward ratio just wasn’t there. The question is, “Is it worth the risk of going broke to the hand?”
Most of the time when you bet, you make a small commitment to the pot, but you may have to put in ten times that amount to see the hand through. Obviously, you don’t just routinely throw away the best hand, but many times you might want to check the nut straight on the flop when a flush draw is possible and wait to bet it on the turn if the board doesn’t change. This strategy is more typical of an un-raised pot, because there isn’t a lot of money in it yet. If there’s been a substantial raise before the flop, you have a little more incentive to play the hand because there’s more money in the pot.
Everything in poker is risk versus reward. Suppose you’re playing in our game with $500/$1,000 blinds and a $75,000 cap. Three people have limped in, so there’s three or four thousand in the pot. The flop comes Q-J-10 with two clubs. You have the A-K with nothing else. Everyone checks to you, and you bet $4,000. Then somebody comes over the top and raises $12,000. You know that on the very next card, he’s going to bet $36,000. And then the board might change on the river, and you won’t know where your opponent is at in the hand. Do you want to risk $71,000 more in order to split—at best—an $8,000 pot? The answer is no.
Chess is the ultimate think-ahead game. Top chess players think seven or more moves ahead. In poker you must similarly think two or three moves ahead. Sometimes you’re even thinking two or three hands ahead, laying the foundation for a play you’re going to make in a future hand. Knowing this, think back about the hand I described between Bill and Joe, when Joe lost $50,000 to Bill when he only needed to lose a few thousand on the flop and ask yourself if you would have folded Joe’s hand.

Implied Odds
The concept of implied odds is important in all types of poker. Implied odds is a ratio that weighs the amount of money risked by betting against the amount of money that can be won if you hit your hand and get your opponent to pay you off. For example, if you bet $10,000, hit your overfull, and figure to win $90,000, your implied odds would be 9-1 (betting $10,000 to win $90,000).
So when deciding whether to call, bet, raise or fold, you make a risk-reward calculation based on your odds of winning, how much you will get paid back, and how big the pot is relative to that sum. That is, you look at the implied odds of the situation. In limit poker, it’s a lot easier to calculate your implied odds because of the structure of the game. For example, suppose you’re playing $1,000/$2,000 limit and you have a flush draw on the turn. You know that it’s about 4 to 1 against making the flush. The pot is already $12,000, and your opponent bets $2,000. You’re getting 7 to 1 odds to make a flush, so it’s a slam-dunk to call the bet. Your $2,000 bet could turn into $14,000 or even $16,000 and up if the pot is raised on the river.
Pot-limit is much different, because many times you’ll put your money in, even though the current pot odds aren’t in your favor; but you do so hoping that the odds will improve later in the hand. For example, let’s say that with one card to come, you have the nut flush draw. Again, the odds are 4 to 1 against your making it. If there’s $5,000 in the pot and somebody bets $5,000, you’re only getting 2 to 1 pot odds if you call. You can’t possibly call unless you believe that you’ll get called for a $15,000 bet if you make the flush on the river. If you think all this will happen, you’ll be getting 5 to 1 implied odds (betting $5,000 to win $25,000) on your money in a 4 to 1 set up, so that’s a good reward. For this play to work, though, you have to know your opponents and really believe they’ll call.
Generally speaking, if someone bets and you call, your opponents will put you on a draw. Then if the board changes and you make that draw, it’s harder to get paid off because they’ll suspect that you’ve got it. It’s what we call the reverse-play odds, meaning you can’t necessarily expect to get paid off. You have to know your opponent and his frame of mind at the time. Is he winning or losing? Is he frustrated?
All of these variables go into the formula of how you play implied odds. And that’s why they can be deceptive. In fact, implied odds can be deceptive in two ways. (1) They can fool you into thinking that you are going to get paid off, and that you therefore should call; and (2) they can fool you into thinking there’s no way you’ll get paid off, so you shouldn’t call. You’re simply making an educated guess.
How important are implied odds in tournament play? They’re important, of course, but they aren’t always as important as they are in cash games. In tournament play, even if the implied odds are good enough to bet, you might bomb out of the tournament if you lose the hand. Therefore, even if the implied odds are in your favor, you might not want to risk taking a draw when someone makes a large bet that would require risking the last of your money. On the other hand, you have to win some money to stay in the tournament, so it’s a dilemma.

Playing with a Pair Showing on the Board

When the Board Pairs on the Flop
It’s Omaha 101: When a pair comes on the flop, everybody plays very cautiously. I think it is almost a cardinal rule that when a pair appears on the flop in Omaha, you’re not going to try to make a flush or a straight.
In hold’em, when there is a pair showing on the board, chances are slim that one of your opponents has a full house, so drawing to a flush or straight isn’t always bad. But when there’s a pair on the board in Omaha, it’s all too likely that someone has flopped a full house or has a good chance of making one with the same card that you need to make your straight. If the flop comes 8-7-7, for example, and you have J-10-9-x, the person who has a 7 in his hand may very well also have an 8, 9, 10, or jack, which are connecting cards.
The one exception to this rule comes into play when you feel strongly that your opponent is playing aces or kings, and you have either the nut flush draw or the nut wrap to a straight. Suppose your opponent raised before the flop, and you’re almost positive that he raised with aces, which often happens—this is another reason why you don’t want to tell people that you have aces by raising before the flop. Then the board comes 8-7-7, and you have J-10-9-x. Your opponent bets into you. What do you do? If you can’t guess what he has, you’ll probably have to throw your hand away. But if he reraised before the flop—and most reraises come from players who have pocket aces or big cards—you might very well play the hand.

The Overfull. When there’s a pair on board, you can also make an overfull house or an underfull house. If the flop comes A-7-7 and you have pocket aces, you have the overfull. Naturally, this is the best position you can be in. Furthermore, you should bet, looking to catch someone who has a seven in his hand or even better, an A-7, the underfull.
Or suppose the flop comes 8-7-7 to your pocket eights or
K-7-7 to your pocket kings. In either case, you want to bet or raise immediately, trying to get as much money in the pot as you can. You’re looking for someone who has a 7 in his hand to give you some action. You could also check, hoping that someone with a 7 will bet, allowing you to reraise him.

The Underfull. It’s hard to make money with an underfull. If you have pocket deuces, for example, and the flop comes
7-7-2, you’re in jeopardy. If someone plays with you, chances are he has a 7. You have a wonderful hand on the flop, but unless a deuce comes off on the turn, you’re in a lot of trouble. If you can raise and get a lot of money in early, you’re justified in playing the hand. But if you raise and there’s still a whole lot of money left to play, you’ll have trouble even calling one big bet after another card comes off. In Omaha, many people, including me, play small connectors such as 4-3-2-2. While small pairs can make you a lot of money in the right situation, they aren’t particularly good hands to play in Omaha, and they can get you into a lot of trouble. Of course, it always depends on what hand you put your opponent on.

When the Board Pairs on the Turn or the River
When the board pairs on the turn or the river, there’s a good chance that someone has made a full house. You must be cautious about playing an underfull in these scenarios. Suppose the board comes Q-8-7 and you have a pair of sevens in your hand; someone bets and you call. Off comes an 8 on the turn, so the board now reads Q-8-7-8. You have the underfull, and you’re in jeopardy. When you make an underfull on the turn or river, you have a hand that is very hard to get paid off with, especially on the river.
If the board pairs on the river, you should rarely if ever raise with an underfull. It’s okay to bet, but if you get raised, you’re beaten unless your opponent is on an absolute bluff. Essentially, if you’re 99 percent sure that you have the best hand but the only hand that you know your opponent will call with will beat you, then you should not bet.
An underfull is a hand you can bet for value, but if you get raised, be aware that the only hand you can beat is a bluff. A good Omaha player won’t raise with straights or flushes on the river when there’s a pair on board. If he thinks you’re bluffing, he might call with a straight or flush, but he won’t raise.
I’m not saying that you shouldn’t bet an underfull. If a man bets on the turn with a straight or flush possibility on board, then he checks to you when the board pairs on the river, you’re probably going to bet your underfull. Just be cautious about calling a raise on the river. I have laid down many an underfull on the river against a raise.


Playing Two Pair
In general, the only two pairs that are any good in Omaha are the top two. Top and bottom pair, and bottom two pair are extremely vulnerable. It is very difficult to win a lot of money with them, but it’s easy to lose a lot. As a rule, they aren’t worth playing for two reasons:

(1) You can easily be beat by top two pair or a set, in which case you have very few outs.
(2) Even if you have the best hand, it may not look very good as soon as another card comes off.

In Omaha, an important question to ask yourself when you are holding two pair or just about any hand, for that matter, is, “What card do I need to help my hand, and how much will it help somebody else?” For example, in a recent shorthanded game, the flop came 10-6-2. With sixes and deuces, I was
90 percent sure that my hand was good at the time, but as soon as one card comes off, what good would it be? Unless I caught a 6 or a 2, any card that came off the deck would have put me in jeopardy. So, I threw it away.
In Omaha, playing even the top two pair can be less profitable than you think. Here’s an example from a game I played. I had tens and nines on a flop of 10-9-2. A player I’ll refer to as “Al” led at it, and another player called. I wasn’t willing to raise with my top two pair because it would have put me in too much jeopardy against this type of board. I called, but I was still very leery because if any card from a 6 to a king came off, my hand would be vulnerable. The turn card was a 5, which probably helped no one. I checked, and Al bet $11,000. The third man called the bet with all the money he had left on the table. I still thought that I had the best hand, so I raised $30,000, thinking that Al was on some type of draw and I had the best of it. Al folded. When we turned our hands up, the third man had the same hand I did and we split the pot.

Top and Bottom Pair
When hold’em players come into an Omaha game, they often think that top and bottom pair is a very good hand, as it is in Texas hold’em. But it’s a very poor hand in Omaha, except when you believe your opponent has aces. In Omaha games, a reraise—not the original raise—generally means pocket aces. Generally, a player with anything less than aces won’t reraise, because he realizes that he will be vulnerable if he runs into aces and might wind up looking at a bet that he can’t even call. Therefore, when you know that a player has reraised with aces (as in the example below), top and bottom pair look fantastic.
I rarely raise with aces, but I have been known to make exceptions to my rule. In a side game that my friends and I played during a recent World Poker Tour event, somebody raised $8,000, and Chip Reese called. I thought he had raised $10,000, so I tried to reraise $35,000 with my A-A double-suited. As it turned out, I could only raise about $28,000, and Chip called my reraise. The flop came K-J-8. Chip flopped jacks and eights and moved in. Had I not reraised before the flop, Chip would not have called after the flop with just jacks and eights. But he knew for a fact that I had aces—I might as well have shown it. There was a slim chance that I could have had A-K-K-Q double-suited or a similar hand, and with a king on the board, he was taking a little risk. But the point is that his jacks and eights became a very big hand exactly because he could put me on aces. And that’s why it’s usually best not to raise with aces in Omaha.

Top Two Pair
Top two pair is playable in many situations, but it’s still a dangerous hand. Flopping top two pair against a board like Q-7-2 is best, because there aren’t many hands that could be drawing to that board. With a hand like A-K-Q-7, that flop doesn’t look so bad, since your queens and sevens have a chance to improve. This is much better than flopping top two pair on a board of 10? 9? 2?, because you are vulnerable to straight and flush draws.
Or suppose the flop comes K-J-8, as it did in an earlier example. If you have kings and jacks, you have a vulnerable hand because the next card off could complete a straight for an opponent. A lot of people will call a bet on the flop with a straight or flush draw, so two pair must be played very carefully.
A two-pair hand plays better from a late position because after the cards come off, you see what your opponent does in front of you without having to commit yourself. So you can duck a scare card if you want. On the flop, your opponent won’t know where you’re at in the hand, so if he checks, you can check behind him. Or you could get most of your money in before the turn card comes so that you don’t have to make any guesses.

Playing Double Pairs: My 25 Percent Rule
I mentioned earlier that I like to play hands such as A? 9? 8? 7?, with the ace suited, because they don’t get me into a lot of trouble. I also like to play two-pair hands, and sometimes I’ll raise with them, even if they’re smaller pairs like nines and sixes or eights and fives. The rationale behind raising before the flop with two small pair is that you have a lot of deception going for you. When you raise, people put you on big pairs or big cards. If the flop comes something like J-8-5 and you have pocket fives, they don’t put you on trip fives because you raised before the flop, so they’re going to play their two-pair hands.
Not only is this type of hand deceptive, it has the potential for making a little more money if you make your set. Obviously, it’s easier to make money with good hands in raised pots than in unraised pots. However you can’t carry things to the extreme—deuces and threes aren’t particularly good hands. You could flop a set and still not be happy about it.
My 25 percent rule is simply a reminder that you will flop a set one out of four times when you start with two pocket pair. It’s pretty much, “No set, no bet,” unless an accidental straight combination leaves you in contention. Your raise represented a big pair, so if the flop comes J-6-2 unsuited, you might take a stab at the pot if you miss.

Playing Aces
I think that more money has been lost with a pair of aces in Omaha than has been won. Unlike in hold’em, where they hold up more than 50 percent of the time, aces generally have to improve to win in Omaha. If a straight is possible on the board, anything less than a set of aces is a tough hand to play. If you raised before the flop and then a pair flops—it comes 7-2-2, for example—you’re vulnerable because you’re almost forced to bet. Anyone who has a deuce knows that you probably have pocket aces, and he is going to come over the top of you, so you’re already playing a big pot. However, if you didn’t raise before the flop and it comes 7-2-2, you can make a stab at it. Then if you get reraised, you can throw your hand away. It’s harder to do that when you’ve committed to the pot before the flop.
There is a downside to raising before the flop. Even if your opponents know that you’re aggressive and might have raised with any four cards, you’re still putting yourself in jeopardy because you’re forcing yourself to bet marginal hands on the flop that you normally wouldn’t bet. If you raised before the flop with pocket aces, you would have to bet on the 7-2-2 flop because there’s just too much money in the pot to leave it laying out there.
Now suppose the flop comes 7-2-2 in an unraised pot and everyone checks around to you. You might make a small stab at it, and if you get raised, you would probably throw it away. Or you might want to let one more card come off for free and see what happens. But remember that since every player has six hands, it’s very easy to hit gutshots or make a set with a small pair, so it’s extraordinarily dangerous to give free cards.
To recap, unless you’re an extraordinarily aggressive player who raises all the time, you should not usually raise with aces before the flop. One could even make an argument that you should never raise before the flop with aces, because even if you’re a good player and your opponents can’t put you on aces, the fact that you put so much money in the pot forces you to defend your aces over very risky flops.
Put simply, a reraise with aces almost screams at your opponents, “I have aces!” And once you’ve told people that you have aces, bottom two pair and top and bottom pair look good to them, and any set looks like a monster on the flop. Almost as important, a hand that flops one pair with nine cards to make two pair looks pretty good to your opponents. For example, let’s say that I just call an opponent’s pre-flop reraise with
10-9-8-7 and the flop comes 7-5-2. I know that he has aces, but I figure that I have a pretty good hand. In order to beat him, I need to catch a 10, 9, or 8 to pick up a second pair, a 6 to make a gutshot straight, or a 7 to make trips. There are four sixes and two sevens, plus nine other cards—fifteen outs total—that I could catch to beat him, so I’m about even money to win. My opponent’s aces are vulnerable in this situation. Of course, if I didn’t know that he had aces and he bet on the 7-5-2 flop, I would be more careful.
Any time you advertise that you have aces, unless you can get three quarters or more of your money in the pot, just call and wait to see what happens on the flop—even if you’re normally an extremely aggressive player.

Playing a Drawing Hand
Drawing hands are a big part of Omaha. You can turn monsters that are favorites over sets. It’s easy to turn nut flush draws, nut flush draws with a straight draw, or a wrap with a flush draw, all of which are dangerous hands for your opponents to draw against. If somebody bets into them, many players, including me, will raise with big draws such as a flush draw with a straight draw or maybe two pair with a flush draw.
If you have a drawing hand and you’ve been given a free card, it’s dangerous to bet on the turn, especially from late position. If you bet it, you’re giving someone the opportunity to come over the top for all his money. If you get most of your money in on the flop, it’s fine; but if you make a small bet on the flop and get called, and nothing happens on the turn, then it’s a good idea to check and wait to see what happens on the river.
Another reason not to bet a good draw from a late position is that you can be a little more deceptive. Let’s say that you have the nut flush draw with one card to come. You bet from the late position with a club draw and get called. Then a club comes on the river, giving you the nut flush. Your opponent is going to put you on a flush because the board looks dangerous. In other words, it will be harder for you to get paid off. Now, suppose you check the turn and a club comes on the river. Your opponent might check and call when you bet. The point is that you can be a little deceptive by checking a big drawing hand rather than betting it.
Don’t Give Free Cards
In hold’em, when you have a big hand, you want your opponent to catch up a little, so you’ll get paid off. Therefore, if you are far ahead in the hand, you don’t mind giving away a free card. In Omaha you rarely want to give your opponent a chance to improve and catch up with you. For example, if the flop is A-7-7 and I have pocket aces, I would bet because I’m trolling for a 7. This means I make a bet and hope someone with trip sevens calls. I’m setting a trap. If none of my opponents has a 7, I’m not going to make any money. But if somebody has one and takes the bait, I stand to make some pretty good money.
When you give free cards, there’s a chance that an opponent with a pair will catch a two-outer to beat you or that he’ll make a gutshot straight, which happens often. Also, remember that a lot of backdoor hands are possible in Omaha. Backdoor flushes, in particular, don’t always have to be the nuts to win the pot. So, if you have a hand on the flop, you should usually bet it.
Also, sometimes you have to be prepared to throw the hand away. Let’s say that the flop comes J-8-2 and you have top and bottom pair. Everybody checks around to you, and you bet it, mainly because you don’t want to give a free card. You want to pick up the pot right there. If you get raised, it’s pretty easy to throw it away. If you get called, you have to be cautious from that point onward.
This doesn’t mean that you shouldn’t bet this type of hand; you’re still trying to pick up a pot with a little bit of something. If you just sit there and say, “I can’t bet these marginal hands,” you aren’t going to win in Omaha. You take stabs at pots, but you’re also prepared to fold if you get raised. Another factor to consider if you’re betting these hands as well as your good hands, such as top set, is that your opponents may not be able to put you on just two pair.

Betting When You Can’t Call
Many times you make bets in Omaha that you cannot call if you get raised. This often happens when you make a bet in order to avoid giving a free card. But you should still go ahead and bet because if you don’t, you’re just too vulnerable and you’re not going to pick up many pots. To win at Omaha, you must pick up some small pots.

Raising To Protect a Hand
Suppose you have top two pair or a set, and you want to get some money into the pot. The flop comes 10? 9? 2?. You have the A? 10? 10? 4?. Even though you have top set and the nut flush draw, your hand is still vulnerable to a straight draw. Suppose an opponent has a K-Q in his hand, you let a free card come off, and he catches a jack. Many times, he’ll have a wrap and call your bet, and you’ll lose. It’s one thing to lose when you’ve put money into the pot, but it’s something else to give him a free card and lose.

Playing the Turn
If you’re going to call on the river, you might as well raise on the turn—this is a fundamental concept in pot-limit and no-limit poker, especially when your game has a cap. Let’s suppose a person bets into you on the turn. Although you have a calling hand, you don’t know if it’s the best one out there, but you’re planning to call on the river with your last money anyway. In this case, you might as well raise, because if you just call, you’re giving him a free shot. For example, let’s say that there’s a possible flush on board, you have the king-high flush, and someone bets into you. If you’ve made up your mind that you’re going to call him on the river, don’t wait for him to bet it again, because he might not—go ahead and raise. He might have two pair or three of a kind, and he’s probably going to call the raise. With this play, you’re going to make more money if you win at the river, and if you lose, you’ll still only lose the same amount. There are two exceptions to this rule. If you are planning to call on the river, you should not automatically raise the turn if:

(1) you think he’s bluffing and you have such a good hand that you want him to bluff into you again; or
(2) you have a powerful hand that is far better than his good hand, so you don’t want to scare him off.

By just calling in these situations, you’re inducing your opponent to bet at the river.
Sometimes by raising on the turn you might even get people to lay down better hands than yours. Let’s say that with a jack-high flush, you know that you’re going to call on the river, and your opponent bets into you on the turn. If you move in on him in this situation, he might lay down a king-high flush.
Here’s another story that illustrates this point: In a hand that I played with David Sklansky, the flop came K-Q-J-x. David bet on the flop, and I called him with three kings. On the turn, after no help came, he bet again. I had made up my mind that I was going to call him on the river, so I raised him. Well, guess what? He didn’t have the A-10 for the nut straight; he had the 10-9—and he threw it away. By raising I told him that I had the best hand.

Playing the River
Playing the river is a very interesting aspect of Omaha. Here are a couple of pointers that may help you win more or lose less on the river. If you have the nuts, it isn’t always the best idea to bet the size of the pot, because you’re forcing people to play good poker. You’re saying to them, “I have the best hand and I’m gonna bet all this money, so I suggest you drop.” Well, guess what? They do just what you expect. If the pot is $40,000 and you have the best hand, there’s nothing wrong with betting only $15,000 or $20,000. This is called selling the nuts. You make a moderate bet so you’ll get paid off.
This play also sets up bluffs for you. If your opponents know that you’ll sell the river with the best hand because they’ve seen you do it, a $15,000 bet on the river with a bluff has the same impact. In this sense, it’s win-win. When you bluff and get called, you lose less. And you get paid off on your good hands a lot more often. Many people just can’t stand the idea of throwing a hand away for a small amount of money—and that notion allows you to sell the nuts. In general, there is no reason to always bet the size of the pot on the river when you have the nuts, unless you’re pretty sure that your opponent will call. A while ago I played a hand against a man I’ll call Nate. There was a Q-J on the board, and I had an A-K-x-x in my hand. Nate made a big bet on the flop and then he checked on the turn. On the river came a 10, giving me the nut straight. My hand didn’t look like the nuts to him because he knew that I would have raised him on the flop with a wrap. I bet the pot, about $40,000. Nate thought for a long time and then threw his hand away. In retrospect, I regretted betting that much—I wish I had bet about $20,000 to make it look more like a bluff, in which case he may have called.
Here’s a play that works better against average players than top players: Let’s say that you have the second or third best hand, like a straight that’s not the best available, and you don’t know where your opponent is at in the hand. Or maybe you make a queen-high flush on the river, but again, you’re not sure where he’s at. Don’t make a full bet—toss in something small. You can throw the hand away if he raises, because he’s probably got the nuts, and of course, you still might get paid off if he calls. But if you check and he bets, you won’t know where he’s at. If you try this play against good players, be aware that it can work the other way—they’ll know what you’re doing and will reraise you, knowing that you’re going to throw your hand away.

Making an Educated Guess About
Your Opponents’ Cards
You can sometimes figure out exactly what your opponents’ holecards are through inductive logic. Several years ago, Doyle, Roger Moore, and I played an interesting hand that illustrates this point. Doyle had A-A-x-x in his hand, Roger had a 10 with connecting cards, and I had an A-10-x-x. The flop came A-10-10. Doyle bet, I called, and Roger called.
At this point, I had no idea what Doyle had. He may have had a good hand or he could have been bluffing, but I knew Roger wouldn’t call without a reasonable hand. Roger must have had either two aces or a 10 to have made the call.
Doyle led at it again on the turn, so I knew that Doyle wasn’t bluffing—the flop was just too dangerous to bluff into again with two people calling. At that point, I should have thrown my hand away. Why? Because even if Doyle didn’t have two aces, I thought Roger did. Unfortunately, I called. When Roger threw his hand away, I knew for sure that Roger had a 10, I absolutely knew it, because he called and then folded. At that point, I also knew that Doyle could not have a 10, since Roger had one and I held another, so he obviously had two aces.
On the river Doyle bet for the third time. There was just no hand in the deck that he could have other than two aces. Even though Doyle’s last bet was relatively small, I showed him my hand of tens full of aces and threw it away. He made some unflattering remarks as he showed me his two aces. This hand clearly shows how good players are able to decipher an opponent’s hand.
Although not as cut-and-dried as this example, a similar hand came up in a recent World Poker Tour no-limit hold’em tournament. I played my A-10 badly, but this time I won a big pot with it. Sitting in middle position, I raised before the flop with an A-10, Billy Grey called on the button, and an elderly player who was short-chipped called from the big blind. The flop came A-A-3. I bet $1,500, and Billy raised $3,500 more. I thought that maybe Billy had an A-8 or A-9 and was testing me to find out where he was at in the hand. But then the senior moved in with his last $7,000. At that point, I should have given credit to either player and thrown my hand away. What could I beat? Maybe I was just being naive in thinking that Billy had an A-8 and was probing the strength of my hand, and that the elderly gentleman had two kings. Of course, it just wasn’t possible that the senior had moved in with his case money if he didn’t have at least A-K or A-Q. I called anyway.
But as badly as I played it on the flop, Billy played it even worse on the turn when a 10 slid off the deck. I bet $10,000 with my full house, and he moved in $15,000 more. What did he think I was betting? Did he think that I would bet an A-K or A-Q at that point? Give me a break—this was a dry pot! The third man was all-in, and it was obvious that he had sent all his chips in with a good hand, so there was no point in my bluffing at the pot. What was I going to do, try to get Billy out so that I can lose to the third guy? Billy should have figured out pretty quickly that he had the worst hand.
As it turned out, Billy had 3-3 and the senior gentleman had A-3. True, I played it badly when I called on the flop, but they should have known that I wouldn’t put $10,000 in on the turn if I didn’t have something. If I hadn’t hit my kicker, I would have checked and Billy would have bet. Then, realizing that Billy was betting into a dry pot, I would have given credit to the third man for an A-K or A-Q, and I would have folded.
In retrospect, I think that Billy may have been very tired after playing tournament poker for so many days in a row. In order to play poker well, you need to think well. I’ve found that when I get tired, I don’t play cards well, I let the cards play me. If I’m just looking for a good hand, not out there thinking about everything, it’s time to go to bed. Over the course of a week’s play at poker, each simple mistake can cost you tons of money. Three of those mistakes during a trip can mean the difference between winning and losing.

FINAL NOTES

Playing Shorthanded
Shorthanded pot-limit Omaha is quite a different game than a ring game and requires different skills. A lot of people who play very good ring game Omaha can’t play shorthanded, and vice versa. A friend of mine from Houston who plays super-aggressive is a much better shorthanded player because he raises virtually every pot. In a shorthanded game, that works because you aren’t always up against quality hands. But if you continually raise in a ring game, you will often find yourself up against superior hands and will be taking the worst of it.
People bluff a lot in shorthanded play because, generally speaking, no one flops a good enough hand to call with. Additionally, the nut hand isn’t out there nearly as often. I find that playing shorthanded is more fun than playing in a full game: You play more hands, and it isn’t boring because as soon as you drop, another hand starts. Just remember that shorthanded Omaha requires a different set of skills.

What Separates Average Players
From Top Players
I think that what separates average players from good players is the amount of money average players lose with pocket aces before the flop and with full houses. If you overplay your aces before the flop, and if you’re not capable of laying down a full house—especially an underfull—when it’s pretty obvious that you’re beat, you’re going to lose big pots playing Omaha. If you play enough Omaha, these big hands will mean the difference between winning and losing, so you have to play them in such a way that you won’t lose a lot of money. And when you play an underfull, you must be careful not to over-commit to the pot, even in shorthanded games.
Let me tell you a little story just to show you how dangerous these hands can be. In a shorthanded game, a player I’ll call “Don” and I each had a little bit of money in before the flop. The board came K-K-10, and although I had a king in my hand, I just checked. Don bet around $3,000. I thought he was bluffing, but as it turned out, he had two tens. I called, off came a four on the turn, and I made kings full of fours. He bet $10,000, and I raised him his last $10,000 to put him all-in. Since we were playing shorthanded, it was more difficult for Don to get away from his hand. He called, showed down his tens full of kings, and lost all his money.
This example just shows you how easy it is to lose a big pot with an underfull. Don couldn’t have won as much money with tens full as he could have lost if I made kings full.
In this example, if I’d held something like K-Q-5-4, I still would have seen that flop. That’s not an absolutely premium starting hand of course, but when you’re playing three- or four-handed, you can play almost any four cards. That is, you’ll have a little more latitude in your starting hands as long as you play well on the flop, turn, and river. Again, it’s risk-reward—for example, if you’re playing $200/$400 blinds and there is $50,000 or $60,000 on the table, you can take a lot of flops for $400 if the payoff might be $20,000 to $30,000.

Lyle Berman’s Killer Cards Chart
In the late 1980s, I was twiddling my thumbs in my condo in Vail, forced by the crummy weather to stay inside all day. Sitting in front of the fireplace, I started to wonder what a killer card is worth in Omaha. For example, suppose you have a set or two pair and your opponent is drawing to a straight or a flush. If he makes his straight or flush on the turn, you could still kill him on the turn or the river by making a full house for the best hand. Or, you could make your full house on the turn, and he would be drawing dead.
I knew that killer cards were very valuable, but I didn’t know exactly what they were worth. All I had with me was a calculator, but I was able to come up with a formula that generated the chart below, which has never before appeared in print. If I were given just a basic calculator today and forced to stay put in a room for a week, I wouldn’t bet that I could recreate this chart. I believe it is perfect.
The chart shows how many wins you have, assuming that you’re the dog, the person who does not have the best hand. When you have a set, you actually have two calculations to consider—one on the turn and one on the river. You have seven cards to kill with on the turn. In other words, you have seven cards that will make a full house or four-of-a-kind, and if you don’t make it, you have three more because the river can pair that card as well. So you have seven and then ten, for seventeen outs or killers.
The chart shows the 41-card percentages for Omaha. We are concentrating on the 41-card percentages, and the eight killer columns to the right apply to Omaha. The fourth column shows what each killer card is worth in Omaha (it’s very similar in hold’em) and extrapolates from there. Basically, the chart shows that in order to be 50-50 against a set, you really need seventeen outs twice. This is significant for Omaha, because most people think it’s thirteen or fourteen, as it is in hold’em.






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