Omaha High/Low / Low is played in exactly the same manner as a regular game of Omaha High/Low. However, in Omaha High/Low / Low, the pot is split 50-50 between the best high hand and the best qualifying low hand, consisting of 5 cards of different values ranked 8 or lower.
Straights and flushes are not counted against you when evaluating a low hand. However, they still apply for evaluating the high hand. Aces can be used both for high and low hands. Therefore, the best possible low hand is A, 2, 3, 4, and 5, which is also a straight for the high hand. It is possible for a player to scoop the entire pot with both the highest and lowest hands.
You must buy-in a minimum amount of chips when sitting down at your chosen table. The minimum limit is equal to ten times the lower bet limit of the game. For example, on a $3/$6 table the minimum buy-in is $30, on a $10/$20 table the minimum buy-in is $100.
Omaha High/Low uses a disc called a dealer button to indicate where the cards are to be dealt. Prior to the deal, the two players to the left of the button place live bets called the small and big blinds. It is called a blind because players must pay this amount before seeing their cards. It's called live because it counts as part of any further bets in the first betting round.
The play begins with four cards dealt facedown to each player. Action starts with a betting round beginning with the player to the left of the blind bets and continuing clockwise around the table. Players may bet, check, raise or fold in turn. The big blind has the privilege of last action and may check or raise the bet.
Three community cards called "The Flop" are then dealt up in the center of the table and another betting round takes place beginning with the player to the left of the dealer button. Another card is dealt face up (called "The Turn") followed by a round of betting.
The fifth and last card called "The River" is dealt face up and a final round of betting takes place. Players remaining in the hand will then show their cards and the winning poker hand will be awarded the pot. Players must form their best five-card poker hand from only two of their four pocket cards and any three of five community cards.
6 to 10 players plus a dealer are seated around a table.
In front of one of the players is a round disc or button. This disc determines the order of betting (posting the blinds) and moves to the left one player at a time, after each hand.
Before the cards are dealt at the beginning of each hand, the two players directly to the left of the dealer button must post "blinds". To post a blind is to place a bet before getting cards.
The player to the immediate left of the dealer button posts the "small blind," equal to half of the minimum bet (Example: $5 for a $10/$20 game). The player to the left of the small blind posts the "big blind," equal to the amount of the minimum bet (Example: $10 for a $10/$20 game).
Once the blinds have been posted, the first round of cards is dealt. These consist of two cards face down to each player and are called the "pocket cards". Each player can see his or her own pocket cards.
Then the first round of betting takes place, beginning with the player immediately to the left of the big blind and continuing in a clockwise direction around the table.
Bet amounts are fixed by the table stakes. For example, in a $3/$6 table, bets are $3 in the first two rounds and $6 in the last two. The bet amount can climb a maximum of 3 times in each round of betting. In other words, there can be one bet and three raises in each round.
THE FLOP CARDS
Next, three cards are dealt face up in the middle of the table. These cards are called the "Flop". All three cards are "community" cards and can be used by all the players at the table to make up their best possible hand.
After the flop is dealt, a second round of betting takes place, again beginning with the player immediately to the left of the dealer button. All subsequent rounds of betting begin with the player to left of the dealer button.
THE TURN CARD
Following the flop, a fourth "community" card is dealt face up in the middle of the table. This card is called the "Turn" card and can also be used by all players. It is followed by a third round of betting.
THE RIVER CARD
Finally, a fifth and final "community" card is dealt face up in the middle of the table. It is called the "River" card and is followed by a fourth and final round of betting.
Once all betting is complete, players determine the best five-card hand that they can make from two of their four pocket cards and three of the five community cards. Four of these cards will be in their own possession and dealt as down cards, and five will be face up as community cards to be shared by all players. Therefore, if a player is dealt four kings down, only two of the kings count toward the final hand. The remaining three cards must come from the community cards. The player with the best five-card poker hand wins the pot. Should multiple hands tie, the pot is split with any odd amount going to the player immediately to the left of the dealer. As in Texas Hold' Em a button is used to indicate the dealer's position. The "button" is moved clockwise around the table so that every player can benefit from the advantage of being last to act once per round. Like Hold' Em, position is an important advantage with the player on the button being in the best position possible.
After a hand is completed and the pot taken by the winner, the dealer button is moved one player to the left and the next hand begins.