Omaha Hi-Lo Poker is a community card game that is similar to regular Omaha, but for one exception. In Omaha Hi-Lo, there are two winning hands for each game- the strongest (highest) hand and the weakest (lowest) hand. The two winners split the pot.
Each player playing Omaha poker is dealt four pocket cards facing down followed by five community cards facing-up in the middle of the table. The winning hand must contain exactly two pocket cards and exactly three community cards.
To qualify as a low hand, all five cards must be 8 or lower with no pairs. Since, ace is counted both as a high and as a low card the best possible lowest hand is A-2-3-4-5 and the highest possible qualifying low hand is 8-7-6-5-4.
An interesting Omaha poker rule is that the low hand is not affected by straights and flushes. Therefore, there can be a situation where you can win the entire pot by qualifying for both the highest and the lowest hand in the game. For instance, if you have an A and 2 of spades as your pocket cards and the community cards hold 3, 4 and 5 of spades then your straight flush will take both the high and the low hand.
Ante: Occasionally, the game has an ante where each player must place a nominal amount into the pot before each hand begins. This ante does not count towards any of the future bets.
Blinds: Omaha poker rules dictate that there is a small blind and a big blind for every hand. The players to the left of the dealer act as blinds. The small blinds places half of the low limit bet size and the big blind places equal to the low limit bet size in the pot.
Chop: If there are no callers, the two players who have posted the blinds have the option of having their bets returned to them and moving on to the next hand. Both the blinds must agree to chop.
Straddle: The player on the left of the big blind can choose to raise before looking at their cards. In doing so, they, not the big blind, get to act last preflop.
Kill Pot: Here a player can post an overblind that is double the size of big blind and effectively double the betting limits.
Spread Limit Poker: Bettor may bet any amount between the stated minimum and maximum bets.
Pot Limit: Here the maximum bet is equal to the current pot size.
No Limit: According to Omaha poker rules, here there is no maximum bet and a player can bet or raise any amount up to the amount they have in front of them.