See also Odds In Omaha: After The Flop

In a 10-handed game of Omaha High or Omaha Hi-Lo, by the time the hand has been dealt, 45 of 52 cards are in play.
This means that in many cases, any nut hand that is possible has a very good chance of happening. For example, in Hold'em the odds of any player getting a pair of Aces in the hole is 220:1 but in Omaha it is 39:1.

In a 10-handed Hold'em game some player at the table will, on average, have Aces in the hole only once in each 22 hands, but in Omaha, on average someone will have rockets once every 4 hands.

Conventional poker wisdom notes that Omaha, whether High or Hi-Lo, is as much about "nut-peddling" as it is about anything else. The player should either have the best possible hand or be drawing to it.

One pitfall of Hi-Lo is that you can have the nut Low hand and still lose money. Consider a pot that is contested heads-up.
Each of you has invested $500 in a $1000 pot. You have the nut Low, but your opponent has a hand that matches your Low and beats your High. You win $250 and your opponent takes $750. You end the hand with a $250 loss. Being "quartered" or worse in Hi-Lo sends many naive players to the rail.

The idea in Hi-Lo is to scoop both sides of the pot and NEVER to chase with marginal hands in either direction. To demonstrate the power of the scoop, assume that you are in a 3-handed pot and each player has $400 invested (for a total pot of $1,200). If you hold the nut Low and you are not quartered, you win $600 and make a $200 profit. If you scoop, you win $1,200 with an $800 profit While your win is doubled, your profit is quadrupled. That is the power of the scoop.

Your first chance to gain an edge over your opponents is with your starting hands. The two keys to this edge are:

1. Play a higher quality starting hand than your opponents.
2. Play the hand better than your opponents.

The strength of a hand matters more in split games than in non-split games. With both Low and High possibilities, calls are more likely and moves don't work as often.
In a 10-handed game, the players' hole cards represent over 3/4 of the deck. After the River card, 45 of 52 cards have been dealt to either the board or the players.
The significance of this almost complete distribution of the whole deck on every hand, is that whatever nut hands the board makes possible have a good chance of being held among the 40 cards at the table.
The table below shows the likelihood of you or any other specific player at the table receiving certain hands as hole cards in Omaha Hi-Lo.