Seven Card Stud is the oldest and most traditional form of poker and is normally played as a Fixed Limit game. This game is very different from Texas Hold’em and Omaha as each player is individually dealt 7 cards, 3 down and 4 up. The basic structure of the game is as follows:
1. All players put in an ante.
2. Starting on the dealer's left, each player is dealt three cards, two cards down (called hole or pocket cards) and one card face-up.
3. Everyone looks at their hole cards.
4. The player with the lowest card showing face-up has to put in a small bet called a bring in. The betting continues clockwise around the table as each player decides whether they will call, raise, or fold their cards.
5. After the betting is completed, another card is dealt to each player face-up. This card is also known as fourth street.
6. Another round of betting occurs, starting now with the player with the highest cards showing. From fourth street on, the player with the highest cards showing continues to be the first to bet.
7. After betting is complete, the fifth card, or fifth street is dealt face-up. More betting occurs, then the sixth street is dealt face up. Again, everyone still in play bets.
8. The final card, the seventh street is dealt face-down to the players remaining in the hand. A final round of betting occurs.
9. All players show their hands at showdown. The player who makes the best five-card hand from the seven they were dealt, wins.
Both Omaha and Stud have different versions of the game called Omaha H/L and Stud H/L (sometimes called Hi/Lo). These play exactly like the standard form of the game, but the only difference is that instead of the highest hand winning the whole pot, the high hand splits the pot with the low hand.
Hi/Lo games are played 8 or better which means for a hand to qualify as a low, it can't have any card higher than 8 in it. Straights or flushes do not count against you in a low hand but pairs and 3 of a kind do. See Hand Rankings for full details.