PokerStars Pot-Limit Omaha/8, $0.02 BB (6 handed) converter

Button ($1.89)
SB ($0.98)
Hero ($8.36)
UTG ($3.24)
MP ($3.04)
CO ($2.02)

Preflop: Hero is BB with [7h], [2d], [4h], [8s].
UTG calls $0.02, MP calls $0.02, CO calls $0.02, Button calls $0.02, SB completes, Hero checks.

Flop: ($0.12) [8d], [2s], [2c] (6 players)
SB checks, Hero bets $0.12, UTG calls $0.12, MP calls $0.12, CO folds, Button folds, SB folds.

Turn: ($0.48) [4d] (3 players)
Hero bets $0.48, UTG calls $0.48, MP folds.

River: ($1.44) [Th] (2 players)
Hero bets $1.39, Hero calls $1.23.

Three ways to read this raise:
1. 10 made a boat, beating me
2. UTG held A3 and was waiting till the river to make sure he wasn't counterfeited
3. UTG is bluffing

2 and 3 say call. Anyone want to suggest a liklihood that 1 occured? Correct to call?

Final Pot: $6.68

My guess is yes, but don't lessen to me, I'm the worst O8B player ever.

Anything can happen at this level, but my gut instinct tells me he had only A3.

Before you called your last $1.23, the pot was $5.45. So you are probably investing $1.23 to win $2.72, I would say call anyway. If he had TT, good for him.

I don't like the turn bet. You're playing for half the pot with the third nut high.

What do you bet on the turn with this hand?

Check/fold the flop.

Yes, really.

It's only a short-handed penny table. What do you think the chance of someone holding 88A3?

And if they do, how do you think they will play that hand right there?

I'm inclined to suggest checking that hand, and folding to a bet ont he flop.
Would you have played that hand from any other position (than a blind that is)? The best you can hope to do (realistically) is win half, an dthat is far from a certainty.
Don't invest any money into that pot UI. 8)

check / fold on the flop

however in this case you are getting 2:1 on the high side of the pot so it is probably correct to call the re-raise.