Learn how to play omaha hi/lo

[NFI]

Owing to its frequently large pots, Omaha Hi/Lo (also called "Omaha High Low", "Omaha H/L", "Omaha/8" or "Omaha 8-or-better &quot has become a hugely popular game around the world. Each player in an Omaha Hi/Lo game is dealt four private cards ("hole cards&quot that belong only to that player. Five community cards are dealt face-up on the "board". All players use exactly two cards from their four hole cards in conjunction with exactly three cards from the board to make the best five-card poker hand possible. The pot is divided between the best hand for high and the best hand for low - hence the name, Omaha Hi/Lo. Visit the poker hands page to view the rankings of hands in Omaha Hi/Lo.

Omaha Hi/Lo is played with an "8-or-better" qualifier, which means that a hand must be at least an 8-7-6-5-4 low to be eligible to win the low portion of the pot. Low hands in Omaha Hi/Lo are determined in exactly the same way they're determined in 7 Card Stud Hi/Lo.
Types of Omaha Hi/Lo Games

Omaha Hi/Lo can be played in the following formats:

* Limit Omaha Hi/Lo - Specific betting limit applied in each game and on each round of betting.
* Pot Limit Omaha Hi/Lo - Bets are limited to the amount of chips in the pot.
* No Limit Omaha Hi/Lo - A player can bet all of the chips he has available.
* Mixed Omaha Hi/Lo - The game alternates between rounds of Limit and Pot-Limit. The blinds are increased when the game switches from Pot-Limit to Limit, to ensure that the stake levels are consistent.

Rules for Playing Omaha Hi/Lo

Hold'em ButtonIn Omaha Hi/Lo, a marker called 'the button' or 'the dealer button' indicates which player is the nominal dealer for the current game. Before the game begins, the player immediately clockwise from the button posts the "small blind", the first forced bet. The player immediately clockwise from the small blind posts the "big blind", which is typically twice the size of the small blind, but the blinds can vary depending on the stakes and betting structure being played.

In Limit games, the big blind is the same as the small bet, and the small blind is typically half the size of the big blind but may be larger depending on the stakes. For example, in a $2/$4 Limit game the small blind is $1 and the big blind is $2. In a $15/$30 Limit game, the small blind is $10 and the big blind is $15.

In Pot Limit and No Limit games, the games are referred to by the size of their blinds (for example, a $1/$2 Omaha Hi/Lo game has a small blind of $1 and a big blind of $2).

Now, each player receives their four hole cards. Betting action proceeds clockwise around the table, starting with the player 'under the gun' (immediately clockwise from the big blind).

Player Betting Options
In Omaha Hi/Lo, as with other forms of poker, the available actions are 'fold', 'check', 'bet', 'call' or 'raise'. Exactly which options are available depends on the action taken by the previous players. Each poker player always has the option to fold, to discard their cards and give up any interest in the pot. If nobody has yet made a bet, then a player may either check (decline to bet, but keep their cards) or bet. If a player has bet, then subsequent players can fold, call or raise. To call is to match the amount the previous player has bet. To raise is to not only match the previous bet, but to also increase it.

Pre-Flop
After seeing his or her hole cards, each player now has the option to play his or her hand by calling or raising the big blind. The action begins to the left of the big blind, which is considered a 'live' bet on this round. That player has the option to fold, call or raise. For example, if the big blind was $2, it would cost $2 to call, or at least $4 to raise. Action then proceeds clockwise around the table.

Note: The betting structure varies with different variations of the game. Explanations of the betting action in Limit Hold'em, No Limit Hold'em, and Pot Limit Hold'em can be found below.

Betting continues on each betting round until all active players (who have not folded) have placed equal bets in the pot.

The Flop
After the first round of betting is complete, the "flop" is dealt face-up on the board. The flop is the first three community cards available to all active players. Betting begins with the active player immediately clockwise from the button. In Limit Omaha Hi/Lo, all bets and raises on the flop are in increments of the small bet (for example, $2 in a $2/$4 game).

The Turn
When betting action is completed for the flop round, the "turn" is dealt face-up on the board. The turn is the fourth community card in an Omaha Hi/Lo game. Play begins with the active player immediately clockwise from the button. In Limit Omaha Hi/Lo, bets and raises on the turn are in increments of the big bet (for example, $4 in a $2/$4 game).

The River
When betting action is completed for the turn round, the "river" is dealt face-up on the board. The river is the fifth and final community card in an Omaha Hi/Lo game. Betting begins with the active player immediately clockwise from the button.

The Showdown
If there is more than one remaining player when the final betting round is complete, the last person to bet or raise shows their cards, unless there was no bet on the final round in which case the player immediately clockwise from the button shows their cards first. The player with the best five-card hand for high wins half the pot, and the player with the best hand for low wins the other half. In all Omaha games, players must use two and only two of their four hole cards in combination with exactly three cards from the board. In the event of identical hands, the high and low shares of the pot will be equally divided between the players with the best hands. In the event that no hand qualifies for low (i.e. is an eight low or better), the best hand(s) for high wins the whole pot.

After the pot is awarded, a new Omaha Hi/Lo game is ready to be played. The button now moves clockwise to the next player.

[SnappySam]

I think it was the author Ray Zee that explained this simple truth, but in a better way:

'If you have only the nut low by the river you will lose money in a three way pot but make money if it's four way.'

Now this does not sound mathematically correct, because there can be a three (or even four) way tie for low, which would lose you about $3 dollars for every $10 you put in the pot, but in practice this rarely happens.

This is knowledge that can be frequently taken advantage of.