Know the Rules for Split Pot Games
In some poker games the pot is split between the highest and the lowest five-card hands. Allow me to immediately eliminate some possible areas of contention:
Straights and flushes do not count against the low; the lowest possible hand is 5-4-3-2-A, even if it also happens to be a straight or a straight flush. A player can use different cards to form his high and low five-card hands. If there is an odd indivisible chip after the pot is split, it goes to the player with the high hand. Cards speak for high and low: there are no declarations. A hand cannot take the low half of the pot unless it is an 8-high or lower. If no low hand qualifies, the entire pot goes to the high hand.
Two of these points warrant further explanation. Outside of poker rooms, split pot games are sometimes played with a declaration, which players must declare at the end of the hand whether they are going for the high or the low or both. While this is a valid way to play poker and introduces a new and fascinating arena for tactics, it likewise introduces opportunities for arguments and, alas, cheating. It is much easier and faster for players to simply show their cards at the end of the hand and split the pot between the highest and lowest qualifying hands. This is one case where you are following the standard casino rule mainly because it is the standard.
By "qualifying," I'm referring to the indispensable 8-or-Better rule. This rule states that in order for a hand to qualify to win the low, it must be equal to or lower, that is, "better" for the low, than an eight high. The 8-or-Better rule ensures that players going for the low are subjected to risk, because their hand must be made by the appearance of five unpaired cards lower than nine in order to qualify for the low half of the pot. In Omaha High/Low, this prevents players who start out with A-2 from winning practically all the time (only the appearance of an A or 2 on the board could prevent them from having the nut low). The effect is similar in Seven-Card Stud High/Low. It increases the quality of the game by reducing the chance of poor players stumbling into the low. Without 8-or-Better, players would more frequently catch half the pot by dumb luck after being completely outplayed for the high.
The high/low games work best for tables with six or more players. If the table gets below five or so players, the small pots, which are made smaller by splitting, tend to really dilute the excitement of the game. I allow players in the rotation to call whatever game they like, but if there are only four of us or less, I encourage them to stick to high only.