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Betting Note: Unlike Texas Hold'em or Omaha where betting starts to the left of the dealer, in any Stud game the player with the highest ranking hand showing amongst their face up cards bets first for that round, with the bet then moving clockwise around the table.
Once the betting is over, the hands are called and it's time to show 'em what you've got - the player with the highest *5 card hand wins half the pot and the player with the lowest 5-card hand wins the other half. (When playing at a land based casino you must arrange your cards into to your Hi and Lo hand, but when playing online it happens automatically.)
* Note: While you'll be dealt 7 cards in total in any 7 card game; you will only play your best 5 cards at the end of the hand, with the two remaining cards not counting towards your final hand total. In a Hi/Lo game you can still only use 5 cards per hand - but can use different card combinations from your 7 cards to make up a high and low hand.
What's a 'Low' Hand? It's the lowest (worst) hand you can make with your cards. There are a couple of exceptions to this rule however - straights and flushes do not count in a low hand, so A, 2, 3, 4, 5 is the lowest hand possible (does not count as a straight). In 7 Card Stud Hi/Lo you must usually 'qualify' to play a low hand, meaning you can play a 5 card combination with no cards of 9 or higher and no pairs. There is no qualifying for the high hand. This is known as '8 or better' at some poker rooms.
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