Omaha 8b / Omaha 8 Best / Omaha High Low / Omaha HiLo - is a twist on the standard Omaha setup that enables play for two pots: one for the lowest hand and one for the highest.
Setup is the same as standard Omaha. 4 handcards and 5 community cards with standard betting after flop, turn and river. Your hand MUST be made using 2 hand cards and 3 community cards.
Players can then piece together both a low hand and a high hand. The high hand is bog standard
poker hands. The low hand is the lowest possible hand using A as lowest card (Notice A playes as both highest and lowest).
A2345 is the dream catch but low
hands doesnt have to include normal poker hands as straight, flush, etc. Its simply the lowest hand possible. 8 is the highest card allowed for a low hand. If the community cards doesnt include 3 low cards, no low hand can be made and the highest hand takes the whole pot. If a low hand can be made, the highest and the lowest hands split the pot.
The real dynamics of the game lies in the fact that in order to do well you have to aim for those hands that will give you both the high and the low pot (a scoop).
You can see strategy details on a number of sites - and its HIGHLY recommended to study those before starting throwing money at HiLo
JetSet Poker and PokerHost has HiLo
freerolls - good places to practise.