Omaha's goal is the same as in Texas Hold'em. The goal is to get the best five-card hand possible by mixing your hole cards with the five community cards available to you. However, unlike Texas Hold'em and Stud, Omaha players are handed four hole cards and must create a five-card hand using just two of their cards and three community cards.
While Texas Hold'em allows players to construct the best possible five-card hand by combining their two-card hole card and the community cards, this game does not let them do so.
Omaha Hi-Lo and Pot Limit Omaha are the two most widely played variations of Omaha in the world (also known as Omaha Eight or Better).
Omaha Hi-Lo is the subject of the following few paragraphs.
For those who want to play online poker Omaha Hi-Lo, knowing the rules is essential. The rules for Omaha Hi-Lo are very similar to those of Texas Hold'em, except that there are no blinds. Instead, each player receives four face-up hole cards and one face-down "community" card, which can be used to complete any combination of five cards.
The first round of betting occurs after all players have received their hole cards. Then, each player places an ante bet equal to half of their buying into the pot. After the first betting round, the dealer turns over the community card, and the remaining players can now use it to form a five-card hand.
Players may only use two of their hole cards and three of the community cards. If a player has more than one community card, they must choose one to use. Players who have completed their hands may either check their five-card hands or raise the pot. A player who raises the pot must pay the entire amount of the raised pot back into the pot.
This continues until someone calls "all in." At this point, all players show their five-card hands, and the highest-ranked hand wins the pot. If a player holds a pair of deuces, they will usually fold since these cards are considered bad luck in poker. However, if a player holds a pair plus another high-ranking card, such as a king or ace, they could make a profitable play.
If a player holds a set of nines, they should almost always call because holding a set of nines means that they have at least a straight draw. Holding a set of nines also gives them a chance to win big pots when dealt an entire house or flush. A player who holds a single nine will often fold unless they have a good read on the other players. For example, if a player is sitting across from a player who has a single nine, then the player might consider calling instead of folding.
Poker has never been a challenging game to master, so this variant is easy to learn. In addition to the above information, many books offer advice on how to play Omaha Hi-Lo. Some pros even recommend specific strategies which may improve your winning chances.