Omaha Hi-Lo (also known as Omaha/8 or better) is frequently seen as one of the most complex but popular poker games. It’s a game that, even more than normal Omaha poker, aims for action from every level of players. This is the chief reason why a once irrelevant variation, has increased in acceptance so quickly.
Omaha 8 or better begins like a regular game of Omaha. 4 cards are dealt to every player. A sequence of betting ensues in which players can wager, check, or drop out. Three cards are dealt out, this is called the flop. One more round of betting ensues. After all the players have in turn called or folded, another card is revealed on the turn. Another sequence of wagering ensues at which point the river card is revealed. The players must attempt to put together the best high and low five card hands based on the board and hole cards.
This is the point where a number of players can get flustered. Unlike Texas Hold ‘Em, where the board can make up everyone’s hand, in Omaha hi lo the player has to use precisely 3 cards on the board, and exactly 2 hole cards. No more, no less. Contrary to regular Omaha, there are 2 ways a pot may be won: the "high hand" or the "low hand."
A high hand is just what it sounds like. It is the strongest possible hand out of everyone’s, whether that is a straight, flush, full house. It is the same approach in nearly every poker game.
A lower hand is more complex, but really opens up the play. When deciding on a low hand, straights and flushes do not count. A low hand is the weakest hand that can be put together, with the lowest value being A-2-3-4-5. Considering that straights and flushes do not count, A-2-3-4-5 is the lowest possible hand. The lower hand is any 5 card hand (unpaired) with an eight and smaller. The lower hand takes half of the pot, as just like the higher hand. When there is no low hand available, the high hand takes the whole pot.
Although it seems complex at first, after a few hands you will be agile enough to pick up on the basic subtleties of play with ease. Since you have people wagering for the low and betting for the high, and since such a large number of cards are being used at once, Omaha 8 or better provides an overwhelming assortment of wagering possibilities and because you have several players trying for the high, as well as many trying for the low. If you prefer a game with all kinds of outs and actions, it is worth your time to participate in Omaha hi/lo.