Omaha Hi/Low is a form of Omaha poker played between 2 to 10 players, and can be played as a Fixed Limit or No Limit game. In Omaha Hi/Low, players are dealt 4 face-down cards (called "hole cards"), and 5 cards are dealt in the center of the table (called "community cards"). Players may use any 3 community cards and any 2 hole cards to form the best, or worst, possible 5 card hand.
In a Fixed Limit game, bets are restricted to a predetermined size. Before the flop and on the flop, bets and raises are made in increments equal to the small bet, and on the turn and river, bets are made in increments equal to the big bet. The value of small and big bets are usually found in the name of the game ($2/4 stud, $5/10 Omaha, etc), with the first number being the small bet, and the second number being the big bet.
Commonly, there is a cap of 4 bets to each betting round, though house rules can allow for higher or unlimited caps. In No Limit, players are allowed to wager as many chips as they like during each betting round.
High hands are determined by standard hand rankings. Low hands must be made up of 5 cards of 8 or lower, the lowest card being the ace. It is possible to have both the high hand and the low hand in the same hand, such as having A2678 and 6789T.
- The player to the immediate left of the dealer posts a small blind, equal to half the small bet; the player to the immediate left of the small blind posts the big blind, equal to the small bet. These forced bets are to create incentives for other players to play in the hand.
Each player is dealt 4 face-down cards, starting with the player to the immediate left of the dealer.
A round of betting occurs, beginning with the player to the immediate left of the big blind. That player may call the big blind, raise, or fold. Action continues in a clockwise direction until all players have called, raised, or folded.
The top card of the deck is discarded, or "burned." The flop of three cards is then dealt face-up in the center of the table. A round of betting occurs, starting with the player closest to the dealer position.
The top card is burned, and the "turn" card is dealt face-up in the center of the table. A round of betting occurs, starting with the player closest to the dealer position.
The top card is burned, and the "river" card is dealt face-up in the center of the table. A round of betting occurs, starting with the player closest to the dealer position.
All players who have not folded after the final round of betting show their cards, starting with the last player who bet, proceeding in clockwise order. The player with the strongest 5-card hand wins half the pot. If a player or players have qualifying low hands, then half the pot goes to the lowest qualifying hand. If there is no qualifying low hand, the strongest 5 card hand wins the other half of the pot. The dealer position then rotates to the next player at the beginning of the next hand.