In Omaha High Low (also known as Omaha 8 or better), especially at lower limits, many players will stick around after the flop with the smallest piece of the flop because of the split pot potential. Omaha 8 is definitely a show down game. If you want to win a pot, more often than not, you're going to have to have the best hand on the river. Therefore, bluffing or semi-bluffing is usually not a recommended strategy. Usually in these games, there is a lot of betting and raising taking place and it can get expensive for you to see the river. Because of this, you should only proceed with hands that will have show down value, either because they are already a made hand or because they will improve to a winning hand (for example, a nut low draw or nut flush draw).
Playing draws in Omaha 8 can be tricky. If you have a big draw like a nut low draw coupled with a nut flush draw, the best strategy is probably to put as much money in the pot as you can, even though you don't have a winning hand yet. You want to make sure that if you do improve, you win as much as possible. Other types of draws you might want to proceed more cautiously and it's almost always best to not draw unless you have a draw to the nuts. Omaha 8 is a game of the nuts and while you will see people winning hands with 2nd and 3rd best hands, don't make the mistake of falling prey to their losing ways.
It is also probably best that you avoid playing runner-runner draws. Don't call a bet on a K-Q-4 flop with A-2-x-x just because the pot is large and you want a piece of it and are hoping that two low cards come. This is losing poker and you'll end up broke if you play this way. It's important that you know some basic odds if you are going to be a serious Omaha High Low player. Let's look at some example hands and the odds associated with them:
Hand #1 – You have A-2-9-10 and the flop is J-6-4. You will make a low approximately 60% of the time. However, approximately 10% of the time your nut low will be counterfeited.
Hand #2 – You have A-2-3-9 and the flop is J-7-4. In this situation, you will make a low over 70% of the time because of the counterfeit protection you have. Unlike Hand #1, your nut low will only be counterfeited 2.5% of the time.
Hand #3 – You have A-2-4-Q on a Q-J-7 flop. Here you only have a draw to a runner-runner low but you do have some high potential with your top pair which might give you a reason for calling a bet on the flop. If the action isn't crazy, there is some merit to continuing and you will make the nut low nearly 25% of the time. If you just had A-2-Q-10, you would only make the nut low approximately 15% of the time. Notice the huge difference having that one extra low card makes.