Omaha Hi-Lo is a community card game played between 2 and 8 players. The most common number of players are 2 (heads-up) and 8 (full ring). It is a split pot game where half of the pot is awarded to the best high poker hand and the other half is awarded to the best 8-low hand. For each half of the pot, a player makes a 5 card hand using 2 cards out of 4 private hole cards and 3 out of 5 community cards which are shared among all players.
The gameplay is exacly the same as for Holdem.
Omaha Hi-Lo is usually played with a fixed limit betting structure. See the section on Betting Limits for more information on betting limits.
A strong starting hand in Omaha Hi-Lo is one which can make both a strong high hand and a strong low hand. A hand such as A-A-2-3 with one or more suited aces is considered very strong as it already contains a pair of aces and possible nut flush draws for the high portion of the pot, and 3 low cards to make a strong low hand if one is possible. Weaker hands are middle straighting cards such as 8-9-10-J which cannot make a low hand, and also are unlikely to make any nut high hand.
Care should be taken when there is a lot of action and you can only draw to one half of the pot. It is common to have the nut high or low and yet only share that part of the pot with someone who has the same hand and not win anything from the other part of the pot. This is known as getting 'quartered'.