In Omaha you want to have a slightly larger bankroll than if you were playing the same stakes but in hold’em. For a pot limit Omaha game, you’ll need a minimum of 40 buys and for limit Omaha, you’d probably be best with at least 500 big bets.
Master P said “If it don’t make dollars, it don’t make sense (cents).” Do not allow yourself to gamble or draw when the odds are not appropriate to do so. Making a mathematically wrong call costs you money in the long run.
When running a house game, designate one person to be the banker (in charge of all the money). It’s a good idea for that person to keep a list of who bought in for what. And when each person cashes out, record who was paid out what amount. Unlike online poker, you actually have to keep track of some things when playing live. This will help you track the money and identify any mistakes in payouts or buy-ins.
The best way to understand the basics of poker variance is this: there’s $1 in the pot, your opponent bets all-in for $100. He flips his cards up so you know you’re a 50% favorite to win as well as he is. If you call, you’re risking $100 with the expectation of winning 50 cents in the long run (50% of the $1 pot). If you fold you give up your 50 cent expectation to reduce a $100 variance.
Man, sometimes it’s just not your night! If you’re in a game that’s really good but you just can’t seem to get a hand to hold up, go home, out to a bar, something. Just don’t sit there and lose. Getting beat on for a whole session can prompt you to make some bad gambles to get even. By staying you’re putting yourself in a situation to magnify your loss.
