i'd fold preflop even on the button unless the whole table was in.
On page 190 of Ray Zee's book where he's discussing playable hands on the button, he gives 3 examples of playable hands. Two of them look remarkably similar to my hand:
He says they're playable provided the conditions are right. I'm not sure what the right conditions are, but position on a fish against tight blinds seems okay to me.
And with a hand that gets a ton of its value from winning shorthanded pots with say, kings up, the 2nd nut low, or a king high flush, wouldn't we want to get short handed rather than multi-way? My thinking is usually that you only want a multiway pot if you have multiways to make the nuts.
I'm not sure if this hand is profitable if I just limped it in a 4-5 way pot. However, if I can get 3-way or better yet, heads up, I think my hand reading & playing skill can add enough value to this hand to make it profitable.
Not keen on raising here, I don't think our equity is strong or weak enough to raise, and we have no FE.
I'd like to discuss this in a little more detail.
Equity - We would need at least 33% equity in a 3-way pot to raise, so I ran a little sim. Not sure how accurate it is, since it doesn't take into account that SB's range narrows when he bets the flop. But its at least a starting point to discuss.
ProPokerTools Omaha Hi/Lo Simulation
600,000 trials (Randomized)
Hand |Pot equity
Qc 4d Kc 2s |40.56%
A2**, A3**, AA**|31.55%
A2**, A3**, 25%|27.89%
Also, a lot of LO8 is extracting dead money, and I fully expect UTG to call with 100% of his range. Thus I'm looking to at least make him put two bets in.
FE - I realize I have none on the flop, but does raising here give me more on the turn? It makes my range look stronger, but it also makes the pot bigger so my opponents have more reason to keep calling.
Other Reasons to Raise - Also if the turn comes poorly for my hand, I can sometimes take a free one. I fully expect to check back any ace or eight on the turn that isn't a club. Sixes and sevens are also not great for my hand. However, players donk streets a lot more often playing Omaha, so I'm not sure how much value this adds, and we'll often be checking back streets only when they don't improve our opponent's hands.