As the name suggests, Omaha High / Low is very similar to Omaha High. Infact the game follows the same course all the way until the showdown.

See Omaha Hi Rules

The Showdown

Once all betting is complete, players determine the best five-card high or low hand that they can make from two of their four pocket cards and three of the five community cards. In Omaha High/Low the pot is split 50-50 between the best high hand and the best qualifying low hand, consisting of 5 cards of different values ranked 8 or lower.

Straights and flushes are not counted against you when evaluating a low hand. However, they still apply for evaluating the high hand. Aces can be used both for high and low hands.

Therefore, the best possible low hand is A,2,3,4 and 5, which is also a straight for the high hand. It is possible for a player to scoop the entire pot with both the highest and lowest hands. Four of these cards will be in their own possession and dealt as down cards, and five will be face up as community cards to be shared by all players.

Therefore, if a player is dealt four kings down, only two of the kings count toward the final hand. The remaining three cards must come from the community cards. The player with the best five-card hand and the player with the qualifying best low hand share the pot evenly. Should multiple hands tie, the pot is split with any odd amount going to the player immediately to the left of the dealer.

As in Texas Hold'em, the button used to indicate the dealer's position is moved clockwise around the table. This allows every player can benefit from the advantage of being last to act once per round. Like Hold'em, position is an important advantage with the player on the button being in the best position possible.