Despite its misleading name, Omaha Hi low Poker did not originate in Omaha at all. It's an offshoot version of the older Omaha Poker game and as such has a relatively new casino history.
In the fifties and sixties, Omaha poker was more of a popular game played at home, rather than a casino staple. It was introduced into Las Vegas casinos in 1982 and since then Omaha poker has become a popular feature at tournament game and venues. Omaha Hi-lo is also known as Omaha 8 or better, and Omaha Split.
Omaha hi-lo is played using the same rules as the parent game. The difference here is that the winnings are divided between the player who holds the highest hand and the player who holds the lowest hand. The player with the lowest hand should have 5 different cards below a 9. Otherwise, the entire amount will go to the player who holds the highest hand. It's possible for one player to win the high hand as well as the low hand. If a player wins either because the lower hand holder has to forfeit or by direct wining, it's called scooping.
At the beginning of the game, two players post blinds or bets which are a way of triggering action prior to dealing cards. The dealer button is represented by the presence of a white button. The player sitting to the left of the dealer button puts in his chips and these have to be equal to half the amount of the minimum bet. The player to his left puts in his chips, and these have to be equal to the minimum number required for the game.
Once the blinds have posted, the cards are placed on the table. The player sitting to the left of the big blinds makes the first bet. Players now can either choose to raise, call or fold.
Three community cards are placed face up on the table. The players can choose these to complete their hand.
Betting then proceeds to the next round. Another community is placed face up.
Then, the third round commenced. There is a small difference here. The players can only raise on the higher stake.
The fourth round is the final round and is played similarly to the third round. The player with the wining hand is one who has the best combination of five cards including the two pocket cards and the community cards.
If any two players end up with hands of the same value, they get to share the pot.
When the game starts all over again, the dealer button will move one place to the left ensuing that each player gets to post blinds.