A game of draws
Omaha is a game of draws, which is the main reason why it's mostly played as pot limit. But when you draw in Omaha you usually want to make sure that you are drawing to the nuts. At a full table it can be devastating to chase the king high flush - especially if you get there.

When you flop a strong hand you often need to be careful and ask yourself: What hands may I be up against? Do I have any re-draws?

Nut hands can be dangerous
It's not uncommon for two players to have the same nut hand, but one might also have a re-draw. Say for example that the flop comes Kh-Qs-Ts. Any player with A-J-x-x has the Broadway straight. So far so good. But on this flop a player with two spades also has a re-draw to a flush. And a player with a hand like A-K-J-T or A-J-Q-Q has a re-draw to a full house.

If two players with the nut straight goes all in on this flop, the first without any real possibilities to improve his hand and the second with a re-draw, the second player is freerolling on the first player's chips. This means that the first player risks all his chips for a chance to win half the pot, while the second player puts his chips in without any risk. He knows that he will get them back, but at the same time has the chance to win the whole pot.

Lot's of action, no re-draw
So what do you do if you don't have any re-draws and get lots of action on a flop like this? Well, it depends. If the stacks are small all the chips will end up at the middle of the table. But with deeper stacks you need to control the size of the pot, especially on the flop. Some players even argue for a fold rather than an all-in if the stacks are deep and you have no re-draws. Imagine folding the nuts in holdem! Well this is Omaha.

Say you are in late position and flop the Broadway straight. A player in front of you bets the pot. Here it's often a good idea to only call and see how the hand develops. Because if you raise and the other player puts in a re-raise, you often have the choice either to fold or risk your entire stack. But by just flat calling you keep the pot size down and have good control over how the pot develops in your late position. It's also a lot better to go all-in on the turn if you lack re-draws, because the risk of getting outdrawn is smaller.

Sitting on a re-draw
If you on the other hand have flopped the nuts and sit on a good re-draw you want to get as much money in as possible against players that has flopped the same hand. You will be freerolling on his chips and if you slowplay the hand you also run the risk that your opponent folds if your re-draw hits. You might also be up against drawing hands that hasn't made anything yet and you need to protect your hand better in Omaha because of the drawing nature of the game.

Always be aware of re-draws in Omaha. But don't over do it. You should still play your nut hands aggressively more often than not, even when you lack redraws.