As soon as the blinds are put into the pot, four cards are dealt to each player at the table, after which, the first betting round is initiated. The player to make the first move is the one to the immediate left of the player who made the big blind. This player has the option of folding, checking (which is betting an amount equivalent to the big blind) or raising, (there is a maximum of three raised per betting round). All players, in turn, follow in a clockwise fashion. The betting round ends when it has gone full circle to the player who made the big blind bet. On a side note, if the players who made the blind bets fold in the first round, they will receive half of their stake back.
The Flop follows the first betting round, which is the first series of community cards. (Community cards are upturned cards that all players use to form their hands). Three cards are turned over on the Flop.
After the Flop is carried out, the second betting round begins. It operates exactly as did the first betting round. In addition, players now have the option of calling, which amounts to passing on any action if a bet has not been made yet in the round.
The Turn follows the second betting round, which is the addition of one more community card, bringing the total to four.
After the Turn is carried out, the third betting round begins. It operates exactly as did the first and second rounds, but with one change. The bet and raise amount is set at the maximum stake limit of the table.
The River follows the third betting round, which is the addition of another community card, bringing the total to five.
After the River is complete, the fourth betting round begins. It goes by the same rules that the third betting round did, and ends when the last remaining player makes their move. All players will show their hands to determine hi and low pot winners (if any).
The best strategy for playing Omaha Hi is to gage your game by asking yourself whether you should fold your hand or keep playing it. Especially for Omaha Hi/Lo, it is important to do this right from the start - And to do so while considering your hands potential of not just being the highest ranked hand, but for the lo side of the pot as well.
The following tips do not subscribe to any poker strategy that claims to call itself tight nor aggressive. Rather, these tips are helpful in that they inform a player about their odds of forming a wide variety of hands. Whether this is a pair or straight, it is your responsibility to then determine if you would still like to stay in the game. A large factor that cannot be pinpointed are the other players. If you feel another player has a three of a kind, you may not want to stay in the game if you only have good potential of forming a high pair. Therefore, the best way to use these tips are to guide your folds in the first two betting rounds. After that, it is up to you to use your bluffing skills (if need be) and good perception skills regarding other players.
Two Pairs of 10 or higher
Ace/2
Ace/three Face Cards
Ace suited with any card
Ace with low cards no greater than 5
Pair of Aces (one Ace suited with any third card)
Pair of Aces/two cards no greater than 8