Just as the Texas Holdem, the Omaha Hi/Lo involves a small blind and a big blind at the beginning before the cards are dealt. Omaha Hi/Lo game is started by the player who is situated next to the button in clockwise direction. Four cards are dealt to each player – these cards are known as the hole cards. The first betting commences after which three of he community cards are dealt and placed face up on the board/ table. This is known as 'the flop'. More betting takes place after which one more community card is dealt; this is known as 'the turn'. More betting takes place and at this time most of the players would have folded out of the game. The final community card is dealt – this card is called 'the river'. As soon as this card is revealed the last betting is done and then the players show their cards.
There will be chances for two players to win here – each half of the pot – the one who has the highest hand would win one half and the player who has the lowest hand would win the other half. It is possible that one player has both the winning hands and gets away with the whole pot as winnings.
The players of the Omaha Hi/Lo need to follow most of the rules of the Texas Holdem. In order to play well here you need to learn to assess your opponents character very fast while at the same time keep your eyes on the board to anticipate the cards and the hand of each player.
In some cases those with the lowest hand might risk loosing money if they end in a draw. This is because the player with the highest hand would win 50% of the pot, while the other two players who ended in a draw you have to half their price and that would be 25% each. Now, let us suppose that there are three players remaining and the pot is US $100. That means that each player would contribute about US $33 to the pot. Now, the player with the highest hand gets 50% which is US $50 while the other two who end in a draw would half their prize getting US $25 each. However, they had put in US $33 – so even if they won, they have lost money because the pot was quartered.