Positional Disadvantage, Positive Returns with AAxx.

I am not an advocate of slowplaying AAxx in any situation and that certainly accounts to Pot Limit Omaha. being a game of drawing, position does play a critical role as well as understanding pot odds.

The following was a scenario where the VICTIM bought in with a minimum amount and slowly stole some cheap pots. But with his position he never bet or raised to know where he was at. Lower limits tend to have a high ratio of players that like to call pre-flop without raising. Even in position too few players raise to establish betting control or to limit the number of players seeing the flop. Such a loose game needs adjusting especially with strong hands out of position. These are also players you cannot bluff off with a value bet. You need to play the nuts or eventually you are going to be a losing player.
Setup:

Full Tilt Poker Game #XXXX: Table Toy (6 max) - $0.25/$0.50 - Pot Limit Omaha -
Seat 1: VICTIM ($34.80)
Seat 2: ($7.55)
Seat 3: ($153.95)
Seat 4: ($18.50)
Seat 5: Krazybangs ($85.25)
Seat 6: ($31.25)
Seat 3 posts the small blind of $0.25
Seat 4 posts the big blind of $0.50
The button is in seat #2
*** HOLE CARDS ***
Dealt to KrazyBangs [2c Ah Ad Jc]

UTG is not a strong spot even at 6 max. Raising now with this hand only gives odds for others to call increasing pot odds for players in better positions. If a raise comes I can either reraise to isolate or call and dump the hand if I do not connect. No reason to over commit in this position.
KrazyBangs calls $0.50
Seat 5 folds
VICTIM calls $0.50
Button calls $0.50
SB calls $0.25
BB checks
*** FLOP *** [5c Jh As]

Here is a good rainbow flop giving me top set.
SB and BB check. I want to check-raise and carry some money into building the pot, hopefully have enough callers to reraise the pot and not give anyone odds to call. But since no one showed strength I can only hope VICTIM or the BUTTON attempt a pot bet to accomplish this. Knowing that most players don't follow pot odds, even a bet at these stakes most players will call with 2 pair or a straight draw at the wrong odds.
Even by committing any chips to the pot I hold one of my outs for a Full House if I need the board to pair.

KrazyBangs Checks.

VICTIM and BUTTON check.

*** TURN *** [5c Jh As] [Td]
Action killer.

SB and BB check.

Here I feel I am behind. I don't want to commit more chips out of position even though top set might be good still. Its possible someone caught a straight for free. Even betting to represent I have a made straight myself, I risk being reraised by someone WITH a made hand meaning my odds are decreasing. I haven't committed anything so I will see what actions take place.

KrazyBangs Checks.

VICTIM bets $2.50. With a nut straight showing this bet is a bit high but common with no flush draw on the board. You want to extract chips at any level and give players the wrong odds to call.

BUTTON, SB, and BB all fold.

IMPLIED ODDS.

I have top set which he probably hasn't put me on. Seeing here I am probably beat I need to figure I have 9 outs to make a boat or quads. If the blinds and button had called I'd have been given relatively decent odds to call. But with all 3 folding and not raising I find myself relying on Implied Odds. With his normal play and position he seems to be looking to get a cheap pot and not lose what he has won so far. I have to ask myself, "Even if I don't make my hand, is he willing to call a bluff?" As well as, "If he does have the nut straight and I make my boat, how committed is he to it?"

What is a horrible play based on pot odds:

KrazyBangs Calls $2.50.

*** RIVER *** [5c Jh As Td] [5h]

Money card. Second Nuts.

No way am I going to put him on 55xx or JJxx if he didn't bet a set on the flop. Pot is at $7.50 and I figure if he has the nut straight I am going to get reraised since I didn't bet my set. But at most I want to give him odds to at least reraise sensing a steal bet.

KrazyBangs bets $4
VICTIM raises to $19.50

Now he is committed for the rest of his $12.30 to call if I raise him all in.

KrazyBangs raises to $44. Overbetting for a "bluff" touch. Even if he feels we tied, he will call.
VICTIM calls $12.30 and is all in.

KrazyBangs shows [2c Ah Ad Jc] (a full house, Aces full of Fives)
VICTIM mucked [5d Jd 4s 9d] - a full house, Fives full of Jacks
KrazyBangs showed [2c Ah Ad Jc] and won ($68.10) with a full house, Aces full of Fives

If you are going to reraise, don't reraise without the nuts. By slowplaying AA out of position and not over committing anything preflop and at the flop by calling $2.50, I netted $65 dollars. Knowing the common moves at this level I felt I had an advantage to slow playing AAxx out of position where I could get away from them if necessary. But by raising them out of position preflop I might have won the blinds or the same amount post flop when the VICTIM caught 2 pair, or have missed the flop entirely over played AAxx out of position and lost my initial raise.

But at no time did I ever commit to this pot from out of position with AA yet still maximized its strength.
Know you opponents, levels and most of all pot odds, but never over value your Rockets.