In every form of poker, position is important. It’s also one of the most overlooked aspects of the game and for a PLO player to fall for that trap is deadly. You have to remember that “pot limit” games are not those where you can force your opponents into making a bad decision when you’re out of position. You can’t overbite on the flop or with a reraise preflop like you can in NLHE, and that means your opponent’s almost always going to have the odds to call you or be able to float you into difficult situations on later stages.
In Pot Limit Omaha pots get big quickly and turns and rivers complete lot of draws. When you’re in position, you have a huge advantage because you can see what your opponent does first. Let’s say that they check-call the flop and a flush card hits on the turn. If he leads, you can consider folding your two pair but if he checks, you can check behind and maybe even make a full house. Now, imagine that you have the flush draw on the flop and it huts on the turn. If your opponent has two pair, it’s going to be hard for him to play. He’ll have to check/fold as you might well be double-barreling off his hand, but he really can’t lead because he’ll rarely be called by someone with a worse hand. They’re in a tough spot and you can easily manipulate them.
Let’s say you’re in position and you’ve got a medium flush, though, for a third scenario. This allows you to play it almost perfectly, like a symphony of poker. Flat-call a turn lead with the intention of folding to a big bet on the river. If it’s check to you, you can check back and get pot control, which allows you to lose a small pot when the other player has a big flush and leads on the river. You can also have a chance to win an extra big bet against to pair if he opts to check the river and calls you out after you’ve shown weakness on the turn.
The math says that position gives you around the equivalent of a half-pot sized river bet in equity on top of what you’d normally have, versus being out of position when holding the exact same cards. Play tighter out of position than when you do when you’re in, and you’ll definitely be able to make more money and maximize your investment.