Dealing with Drawing Opponents
How much will a player pay to try and draw out?
If they like to gamble and you can charge them the max, then go ahead. What is the correct price to charge them? You don't want to under bet unless you have some sort of crazy plan in mind. Look at the pot, figure out how much is in there. If your opponent is drawing strong, generally at least 75% of the pot is a good size bet.
Can you bet something weird on the turn to make them go crazy?
Sometimes if you know your opponent well, you can under bet or over bet the pot to induce some poor play on the part of your opponent.
Can I trap them into putting in more money on their draw?
If you think that a player might bet or raise behind you, then let him bet. The drawing players will call and then you can put in a raise when it gets back to you. You should be able to suck more chips out of your opponents this way, in particular the player who is trying to draw out.
Are there multiple opponents drawing?
If this is the case, then the odds of them making their draws is a little bit smaller. I believe that you can sometimes obtain the highest expected value by betting 1/2 of the pot instead of 3/4 of the pot, because you will induce a call from both players rather than just 1 of them. If they need a straight or flush to win, the odds of you losing are still about the same regardless of whether it is 1 or 2 opponents staying in the pot.
Is it possible they are drawing strong and they are a favorite?
This is possible on the flop if they have a strong draw with over cards, or a pair and a draw to go with it. Use this to your advantage but also heed it as a warning, often your base case scenario when facing a raise on the flop is even-money.
Is there any disaster cards?
Maybe your opponent is drawing to a lower flush or a lower straight. Consider this when you decide whether to bet the turn and river cards. If you are thinking about firing a second bullet with your draw, you could be either firing a second bullet with no chance of success, or pushing out a chance to win a huge pot if you can both make your hands. If he is drawing to something lower, you will have the best hand anyway so there is no need to bluff in some scenarios. This is especially the case in Omaha. You can't win a hug pot if you don't allow your opponent to make a hand that is second best.