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Omaha is similar to Holdem in using a three-card flop on the board, a fourth boardcard, and then a fifth boardcard. Each player is dealt four holecards (instead of two) at the start. In order to make a hand a player must use precisely two holecards with three boardcards. The betting is the same as in Hold'em. At the showdown, the entire four-card hand should be shown to receive the pot.
All the rules of holdem apply to Omaha except the rule on playing the board, which is not possible in Omaha (you must use two cards from your hand and three cards from the board).
Omaha is often played high-low split, 8-or-better. The player may use any combination of two holecards and three boardcards for the high hand and another (or the same) combination of two holecards and three boardcards for the low hand. The rules governing kill pots are listed in "Section 13 - Kill Pots."
Rules of Omaha High Low:
1. All the rules of Omaha apply to Omaha high-low split except as below.
2. A qualifier of 8-or-better for low applies to all high-low split games, unless a posting to the contrary is displayed. If there is no qualifying hand for low, the best high hand wins the whole pot.
While the "Texas" version is by far the most popular form of Holdem these days, Omaha Holdem continues to be popular at both the higher and lower limits. While that may seem strange at first glance -- that the game is attractive to players at both ends of the spectrum while being less of a draw to players in the middle limits -- there are actually quite a few reasons for this, which the various articles touch on in several ways.