Omaha is a community card game. All players share the five board cards turned up in the middle of the table. Each player receives four face-down cards (private cards) to start. Play up to the showdown proceeds exactly as it does in Texas Hold'em. At the showdown a player can have the best high hand and/or the best low hand. Each high or low hand must use exactly two of their four private cards and combine them with exactly three of the five board cards. The high hand may use different cards from the low hand.

A low hand must be five un-paired cards (with the highest card no greater than an 8).

A, 2, 3, 4, 5 is the best low hand (as straights and flushes do not apply to low hands).

The winning Low Hand (8 or better) is first decided by the player with the lowest High card. Upon a tie with the High card, the hand goes to the player with the next lowest High card. If the two highest cards are tied, then you move on to the third highest card etc. Any hand of 5 cards that contains card values of 9 or higher can NOT qualify as a low hand.

Omaha Hi/Lo is a very exciting game as players try to get a lock (sure-winner) on one side of the pot and gamble on drawing to the other side of the pot.

If there is no qualifying low hand, then the high hand wins the entire pot (100%). A single player can win (scoop) both the high and low hand.

In order to designate which player is the theoretical dealer in poker games, a round disk is used. This disk is called the dealer button or simply "the button".

After each hand is completed, the button moves clockwise to the next active player and this player will be considered to be the dealer, and will act on his/her hand last on each betting round. This is also termed playing the button for that game.

The player to the left of the button is first to receive a card and is required to post a small blind. The small blind is equal to half the lower limit bet rounded down to the nearest dollar. The player to the left of the small blind is required to post the big blind. The big blind is equal to the lower limit bet. These bets are referred to as blinds because players must post them before the dealer deals any cards to the players. These blinds are similar to the ante that is required in other games such as 7-Card Stud.

Both the small and the big blinds are considered live bets. They have the option of checking, calling, raising or folding when the betting action comes back around to their position. After the flop and after each subsequent betting round, the first active player left of the button is first to act.

When players first sit down to play, they will be required to post the equivalent of the big blind only once or they have the option to "sit out" until it is their natural turn to post the big blind. This rule is in place to ensure game fairness to all players. The rule prevents the possibility of players entering games in late position and then leaving before they are required to post the big blind.

There are four betting rounds for each game in Omaha Hi and Texas Hold'em.

Each bet on the first two rounds of betting is set at the lower limit of the stakes structure. For example in a $5/$10 game, all bets and raises are $5 for the first two rounds (after private cards are dealt and once the flop is spread in center of table).

The last two rounds of betting (turn card and river) are set at the higher limit of the stakes structure. For example in a $5/$10 game, all bets and raises are $10 for the last two rounds.

One bet plus three raises (four total bets) are the maximum amount of bets allowed per betting round. This would consist of (1) a bet, (2) a raise, (3) a re-raise, and (4) a cap. The term cap is used to describe the 3rd raise in a round since betting is then capped and can not be raised anymore. Once any player has made the third raise (capped the pot) then players will have only the option of calling or folding.

Check-raising is allowed in all games.

The last player to be called in a prior round is the first player to show their cards.

At the showdown players may essentially construct two hands - one as a high hand and one as a low hand. Each hand must use any two of their private cards and any three of the five board cards.

The same hand may be used as both the high and low hand. For example the straight A-2-3-4-5 with all the cards in the same suit would be the best low hand possible and would be a straight flush as a high hand.