Omaha Hi/Lo works very similarly to a standard Omaha game. The betting and blind postings are the same, with the difference coming at the showdown. The pot is split between the holder of the lowest hand (assuming it qualifies) and the holder of the highest hand.
A player is considered to have a low hand if they possess 5 distinct cards with no pairs as well as no card higher than an 8. Straights and flush don’t disqualify the hand, so the best low hand is A-2-3-4-5 of any suit. This would beat a 7-6-5-4-3 straight because it has lower cards. If there is no qualifying low hand, then the high hand wins the entire pot.
The flow of play is the same as Omaha high, with each player required to use their cards make the best five card hand. Game play begins with players being dealt their hole cards (four cards total). The dealer then places five community cards face up on the table. Players are able to use three of these community cards, to try and form the best five card hand with two of their hole cards. The main difference between Omaha Hi/Lo and Omaha high, is that each player potentially has two winning hands, a low hand and a high hand.
If there is no qualifying low hand, then the player with the best high hand wins the entire pot. If there is a qualifying low hand, the pot is split evenly between the low hand and the high hand. On a few rare occasions, a player can win the entire pot should they have the best high hand which also happens to qualify as the best low hand.