Omaha Hi-Lo, also known as Omaha Split-8-or-Better, is a popular variant of Omaha poker. It combines elements of traditional Omaha with the added complexity of splitting the pot between the highest and lowest hands. Here's a comprehensive guide to help you understand the basics of Omaha Hi-Lo Poker.

Understanding the Game Structure

The Objective

In Omaha Hi-Lo, the objective is to win either the high hand, the low hand, or both. The pot is split between the highest and the lowest qualifying hands. To qualify for the low hand, a player must have five different cards ranked 8 or lower. Just like classic Omaha, each player can only use 2 of his cards, which combined with 3 from the community cards, will determine his score. 

The Deck and the Players

Omaha Hi-Lo is played with a standard 52-card deck. Typically, it accommodates 2 to 10 players, but the ideal number is 6-9 players.

The Basic Rules

Starting the Game

• Blinds: The game begins with two players posting blinds – the small blind and the big blind. The small blind is posted by the player to the left of the dealer, and the big blind is posted by the next player to the left.
• Dealing the Cards: Each player is dealt four private cards (hole cards) face down.

Betting Rounds

There are four betting rounds in Omaha Hi-Lo:

1. Pre-Flop: After receiving their hole cards, players can either call the big blind, raise, or fold.
2. The Flop: The dealer places three community cards face up on the table. Another round of betting follows.
3. The Turn: A fourth community card is dealt face up, followed by another round of betting.
4. The River: The fifth and final community card is dealt face up. The final round of betting ensues.

The Showdown

If more than one player remains after the final betting round, a showdown occurs. Players reveal their hole cards, and the best five-card hand wins the high pot, while the best qualifying low hand wins the low pot.

Hand Rankings

High Hand

The high hand follows the traditional poker hand rankings:

1. Royal Flush: A, K, Q, J, 10, all of the same suit.
2. Straight Flush: Five consecutive cards of the same suit.
3. Four of a Kind: Four cards of the same rank.
4. Full House: Three cards of one rank and two cards of another rank.
5. Flush: Any five cards of the same suit.
6. Straight: Five consecutive cards of different suits.
7. Three of a Kind: Three cards of the same rank.
8. Two Pair: Two cards of one rank and two cards of another rank.
9. One Pair: Two cards of the same rank.
10. High Card: The highest card in your hand if you don't have any of the above combinations.

Low Hand

To qualify for the low hand, a player must have five different cards ranked 8 or lower. The best possible low hand is A-2-3-4-5, also known as the "wheel." Low hands are evaluated based on the highest card, with A-2-3-4-5 being the best possible low hand. An important difference between Omaha Hi Lo and other lowball games which also favour low hands is that in this case, flush or straights do not overcome the lowest possible hand: therefore a hand made by 5-4-3-2-A, "wheel", is the lowest possible and therefore the better one, followed by 6-4-3-2-A.

Also interesting is the fact that, obviously, there might not be enough low cards on the table among the community ones to form a low hand (remember: all 5 cards must be 8 or lower): in this case, the high hand will win the whole pot.

To help you think about the low hand chances you have, a good idea is to think about the card sequence available starting with the highest 8-or-lower card available and proceeding to add the lower ones after that. Once you have an idea of your best possible low hand, you can decide whether or not the pot suits your strategy, hand and position.

Strategies for Success

Starting Hand Selection

Why It Matters: Choosing the right starting hands is crucial for success in Omaha Hi-Lo.
How to Do It:

• Play Hands with Potential: Look for hands that can win both the high and low pots, such as A-2-3-K or A-2-4-5. They will give you more chances to adjust your strategy as the community cards get drawn
• Avoid High-Only Hands: Hands that can only win the high pot are less valuable, but depending on your position and stack, you may want to at least wait for the flop: 3 high cards would rule out a low hand and therefore putting you in a much better position. But beware: the same logic applies to whoever else decided to stay in the hand.

Position and Betting

Why It Matters: Position and betting are critical in Omaha Hi-Lo, as they influence your ability to control the pot and gather information.
How to Do It:

• Play Aggressively in Position: Use your position to apply pressure and make informed decisions. The more you try to keep opponents out, the more blinds you can steal. Your position also allows you to wait and see what others do before making your move, and allows for good bluffs or for slowplays, especially if you have a hand that can potentially win both the high and low hand parts of the pot.
• Bet for Value: With potential to win both high and low pots, bet to build the pot when you have strong draws: play strategically to lure opponents in a pot they can not win, or they can at best split with you. Omaha is, in this regard, much more leaning towards slow plays than classic Hold'em.

Reading Opponents

Why It Matters: Understanding your opponents' tendencies can give you a strategic advantage.
How to Do It:

• Observe Betting Patterns: Pay attention to how your opponents bet, especially on the flop and turn. Since your strategy is to play valuable hands where you can ideally steal the whole pot, the same are doing your opponents. Observe them carefully especially when their position allows them to be more aggressive, and compare their pre-flop play to the final hand shown if a showdown occurs.
• Identify Bluffing Opportunities: Use your knowledge of opponents to bluff effectively when appropriate, once what we've discussed above is clear. An opponent that does not like to be very aggressive can be pushed out easily, but once he decides to follow you inside a hand it may be very hard to make him fold.

Conclusion

Omaha Hi-Lo is a complex and exciting variant of poker that rewards strategic thinking and careful hand selection. By understanding the rules, hand rankings, and basic strategies, you can improve your chances of success and enjoy the game more fully. Remember, practice makes perfect, so keep playing and refining your skills.