Omaha Hold'em Hi/Lo

Omaha Hold'em is a variation of Texas Hold'em, but nine cards are available to each player instead of seven. In a Hi-lo Poker game, more than one player has the opportunity to win and split the pot. Players' hands consist of four cards dealt face down to each player and five cards dealt face up to the board, which are shared by all players in the game. Players must construct their final hands using two cards from their own hands and three cards from the board. A player wins by having the highest-ranking or lowest-ranking hand of five cards (or both). In the same hand, the low hand and high hand can use different sets of cards.

This form of Omaha Hold'em is also known as "Eights or Better." To qualify as a low hand in Omaha Hi-Lo, the hand must be an 8-high (8 as the high card in an unmatched hand) or better (such as 7-high). In low hands, straights and flushes are ignored, and aces count as low cards. The best low hand possible is 5-4-3-2-A, though it is also a straight. It is possible for no player to have a low hand. At least three different cards of 8 or less must be on the board for a low hand to be possible.

Each hand can start with eight players or fewer. Opening betting rotates clockwise with each new hand using a dealer button and blinds. The blind bets are mandatory bets made by the first two players to the left of the dealer button. The last player to bet usually has the advantage. Because the dealer button moves to each player, each player has the chance to benefit from this advantage.

How Play Proceeds

Play begins with each player receiving four cards face down, followed by the first betting interval. The player immediately to the left of the dealer button must open the betting. The first bet is called a blind open
(or small blind) and is equal to half of the lower bet amount for the table. The second bet is called a blind raise (or big blind) and raises the pot to be equal to the lower bet amount. The player to the left of the blind open is responsible for the blind raise. The player to the left of the blind raise must call the mandatory bet amount, raise an amount equal to the size of the bet, or fold. Betting then passes around to each player as it would normally. After all players either call or fold, the player who made the blind raise then has the option of checking or raising.

In all betting intervals, if more than two players are betting, there is a limit of three raises amongst all players (not counting the blind raise in the first betting interval). If only two players are in the hand, the number of raises can be unlimited.

The Flop

The next three cards dealt face up to the board are called the flop. The dealer turns all three cards over at the same time, for all players to use in their hands. The second betting interval begins with the first player to the left of the dealer button. This player can check, fold, or open with a bet. The lower bet amount is required at the flop.
Each player then has the option to check, call, raise, or fold. The betting continues as long as players keep raising their bets. Betting stops when all players have called (the betting has equalized).

The Turn

The fourth card dealt face up to the board is called the turn. A third betting interval ensues, again starting with the player to the left of the dealer button and ending with all bets equalized. The upper bet amount is now in force.

The River

The fifth and final card dealt face up to the board is called the river or fifth street. The final betting interval takes place, starting with the player to the left of the dealer button and ending with all bets equalized. The upper bet amount is still in force.

The Showdown

When betting is complete, all players who are still in show their hands. The players with the highest- and lowest-ranking five cards (two from player's hand, three from the board) split the pot. If no player has a low hand, the highest-ranking hand wins the pot. If there is a tie between high hands or low hands, the high or low portion of the pot is then split between those hands.
For example:
Pot = $100
Player 1 wins high and gets $50.
Player 2 ties low and gets $25.

Player 3 ties low and gets $25.

Summary

Four cards dealt to each player (face down), first betting interval.
Fifth, sixth, and seventh cards dealt to the board (face up), second betting interval.
Eighth card dealt to the board (face up), third betting interval.
Ninth and final card dealt to the board (face up), final betting interval.