Event #46 – the $2 500 buy-in Omaha Hi/Lo Split 8 or Better, was entered by 425 players, building a prize pool of $977 500.  By Day 3 the field was down to started 23 players including ‘names' like Mark Tenner, two-time Omaha hi/lo bracelet winner Frankie O’Dell, Mike Matusow, Pat Poels, David Rabbi, CK Hua, Mark Gregorich and John Monnette.
 
The winner was 24-year-old Georgetown University finance and business management grad Derek Raymond from Portland, Maine, who boosted his career earnings to $244 725 in 7 live tournament cashes, and collected his first WSOP bracelet by disciplined and controlled poker throughout a 3 day contest and a gruelling 14 hour final day.
 
Starting around the middle of the field on the final day, Raymond survived through to a final table that looked like this:
 
Seat 1: Mark Gregorich – 90 000
Seat 2: Josh Schlein – 740 000
Seat 3: Scott Bohlman – 120 000
Seat 4: Mark Tenner – 585 000
Seat 5: Michael Keiner – 400 000
Seat 6: Pat Poels – 90 000
Seat 7: Derek Raymond – 415 000
Seat 8: Sirous Jamshidi – 260 000
Seat 9: Fabio Coppola – 407 000
 
It all came down to a three hour endurance test of a heads up between Raymond and Mark Tenner, a slightly more experienced player from Northridge, California, with the latter looking strong but eventually overtaken in a series of hands where Raymond fully exploited some good cards and eventually sent his opponent to the exit. In addition to his first bracelet, Raymond collected a check for $229 192. Tenner received $141 647 for his second placing.