Omaha high-low is played in the same way with blinds and dealer button as in Omaha high and Texas Hold’em. There are four betting rounds in Omaha high-low. Omaha high-low is usually played in fixed limit structure or pot limit structure.
In Omaha High-Low there is a high hand pot and a low hand pot. The goal is to win both pots if possible. To win both pots a player must either have both the best high hand and the best low hand. There is also the possibility that no hand qualifies as the low hand, if so the high hand wins the entire pot.
The requirements for low hands are eight or better, which means all five cards must be eight or lower and all must be of different value (pairs don’t count as two low cards). Aces count as either low or high, straights and flushes don’t count in the low hand.
In Omaha high-low the players must use two cards for high hand and two cards for the low hand. The same card can be used to both pots, for example if a player has the A high flush, the Ace can also be used in a low hand.
If two players have the same low hand they split the low hand pot, the same goes for the high hand pot.