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HORSE Poker isn't actually a separate poker game - it's rather a poker game format including different kind of poker games. It's a rotation of 5 different poker games, and HORSE Poker is about who masters all those games, not just one particular.
Hold'em
Omaha High/Low
Razz
Seven Card Stud High
Eight or Better (Seven Card Stud High/Low)
When you play HORSE Poker online, you'll see how many games of each there are still left. For example, at FullTiltPoker.com there's 10 hands of each game. All of HORSE Poker games are actually Limit games, so mastering that kind of poker will be beneficial.
H.O.R.S.E. is nowadays played at World Series of Poker. The event is huge and it has the biggest buy-in of WSOP tournaments - $50,000. Player who manages to win this tournament is usually as a subject of a lot of respect. A good example would be Chip Reese who was already considered one of the best all-around players in the world, but when he managed to win the $50,000 HORSE event, public knew that too.
Basic HORSE Strategy
HORSE Poker gives a clear advantage to players who know how to play all the games well. There are so many players online who want to give a shot to these games, or know just like 3 games well. These players will get destroyed by all-around players, sooner or later.
I'm not an expert when it comes to this game format, but I've played enough to make a few strategical notes that you should know about, too, before sitting in to these games.
First of all, you should always remember that people play different games in several ways. If someone plays very aggressive Hold'em, he might play a very different kind of Stud High/Low poker. So remember to collect gather together notes for all of the games and don't confuse them with each other. You'll need to pay even more attention to your opponents in HORSE and that makes the game even tougher to beat.
Also, people will generally feel a lot more comfortable playing Hold'em games, so you can expect them to play more and worse hands during Hold'em rounds. This is, after all, for many the game they have played easily more than others and this is why they try to "make up" for being worse in other games.
Players will play their worse games carefully, therefore if those players have any idea about the concept of "winning poker", they can play OK poker by being tight and choosing what kind of hands to play very carefully.
Usually though, the more tight these players play their worse games, the more loose they're going to play their better games. Now, remember to learn how to play all these games, and then, good luck beating HORSE Poker games!
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Poker Strategies