November 12, 2010 2:09:06 AM EST
It depends on the texture of the game you're in. The section in Super System 2 on Omaha hi-lo is great for those starting out and for loose/p***ive tables (the ideal table imo)
If you want strategy to cover short-handed and more aggressive games, I'd recommend Mike Capelletis Omaha hi-lo Split Poker.
Sitting at a loose/p***ive full-ring table (i.e. one with 5+ players seeing the flop and not a lot of raising preflop) it's all about hand selection.
At a full table if 5 or more players are seeing the flop on a regular basis, that means people are in there with less than premium hands. Sometimes they'll hit a goofy hand to crush your monster starting hand (for example, I had idiots call raises with 77xx and 99xx when I had AAxx and I made the nut full house AND had redraws to low and they made quads on me, doh!), but for the most part, you'll have the long-term equity edge.
It's a game that requires patience, especially in a live setting. It's dealt slower, and because of the split pot nature of the game the pots are awarded slower as people misread hands and boards.
I've had sessions where I've sat for 3-4 hours without winning any significant pots and then BAM! you hit one or two good sized pots and your session is a profitable one (i.e. if you're an action junkie this is not the game for you)
If there's a ton of limpers and you're in late position with a high-only hand (TJJQ or AKQJ, etc) you could consider throwing out a raise. If your hand hits it's likely to scoop, and with so many people in the pot it's usually likely a lot of low cards are out, improving the chances of a high flop.
There are two camps on preflop raising. Some advocate it's not something you should bother doing, and others find it useful in certain situations. Narrowing the field at a table of calling stations can be tough to impossible, so if you have a hand that plays better heads-up (A4JJ suited for instance) and you can't narrow the field with a raise, then don't raise :P
Some people get married to any hand with AK or AA in it. AA89 is less useful than AA3K for instance. AK97 should be thrown away while AK23 could be a hand to raise with.
Avoid middle cards when possible. While they might play alright in PLO, in O8 they can be super weak (6, 7, 8, 9) since if you make a straight there's usually the possibility of a higher straight.
My biggest profits in O8 tend to come from freerolling someone who can't get rid of a high-only hand. They might have two pair but I have low locked and can outdraw their high with a better two pair, trips, a set, a straight or flush. So they put themselves into spots where AT BEST they are playing for half the pot and that gives me an opportunity to SCOOP them.