Omaha Poker High/Low is like Texas Holdem except that each player gets four cards for his hand as his hole cards. In Texas Holdem the player gets only two hole cards.
Unlike Holdem, the player must use two cards from his hand with three cards from the five common cards to make his best high hand. The player can also use any two cards from his hand to make his best low hand. The two cards that the player users for either the high or the low do not have to be the same two cards.
As in Texas Holdem, hand selection and player position are important. The big difference in Omaha High/Low is that your major object should be to win both the high and low portions of the pot. This is known as scooping. Anything less might cause you to lose money in the long run. This is because it is possible to have each pot split up by as much as 2 or more players per pot. You can bet $100 and win back $25 as your share of the split pot.
Playing Omaha High/Low requires you to have very good drawing hands. Generally you should never enter a pot with out an Ace in your hand. And that Ace should be accompanied by no higher that a 2 or a three in the same suit.
You need hands like:
AA23 AA34 A234 A345 AK23 AKQJ KKJ10.
There are a lot of other playable hands, but mostly the Ace should be suited with another card, giving you chance to have the best flush and the A with low cards, the best low.
This game takes a lot of patience and if you start chasing with hands like 2345 3456 you can get into a lot of trouble. But, I find this game fun and challenging and a change of pace from Texas Holdem Limit and No-Limit.