Pot Limit Omaha is a variant of Poker. In Pot Limit Omaha, the player is dealt Four cards hole cards instead of two hole cards in Texas Hold’em poker.
The two players to the left of the dealer put out blind bets. The player directly to the dealer's left puts out the small blind, while the player two to the dealer's left puts out the big blind, which is twice as much as the small blind. The small blind and big blind are compulsory. This is to ensure there is some minimum amount during the course of the hand.
Every player is dealt four cards, face down. These are called ‘hole cards’.
The action, or the first move, falls on the player to the left of the big blind. They can either call the blind, raise it, or fold. The size of a raise must be at least twice the size of the bet preceding it; the maximum depends on the amount of money which is on the board. A player in this format cannot bet more than the pot amount. The betting then continues around the table.
After the betting round is completed, three cards are dealt face up in the centre of the table, which is referred to as the board. The first three cards in Pot Limit Omaha are called the flop. These cards are “community cards” meaning everyone can (and will need to) use at least three of them in combination with their own hole cards to make the best hand.
From the flop on, betting begins with the player to the dealer’s left, who can check or bet. The players after must either check or bet if no one has bet yet; or they must call, raise, or fold if someone has.
A fourth card is dealt face up onto the board. This is called fourth street or the turn card. This is followed by another round of betting.
The final card is dealt face up. This card is also called fifth street or the river. A final round of betting occurs. The remaining players show their cards and the person who can make the best five-card hand by combining their pocket cards with the cards on the board wins.
Note : In Pot limit Omaha, a player has to use two hole cards from the four hole cards which are dealt and three from the community cards which open on the table to form the best combination of 5 cards. Exception to this is when a player can use one hole card dealt to him and three from the community cards to make four of a kind.
The deal passes to the next player to the left (who was small blind last hand) and a new hand is dealt.