[jba]

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if this is so then how many hands are there for omaha
should it be 52*51*50*49/4

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the denominator you're looking for is not the number of cards, it's the number of permuations possible. This can be calculated by n!.

if you have AK in holdem it is AK or KA, two ways. 2!=2

if you have AKQJ in omaho it is AKQJ or AQKJ or ....., 24 ways. 4! = 24

so I think the answer you're looking for is 52*51*50*49/24.