Stud High/Low is played in exactly the same way as a regular game of Stud. However, in Stud High/Low, the pot is split 50-50 between the best high hand and the best qualifying low hand (a hand of 5 cards of different values ranked 8 or lower).
Straights and flushes don't count against you when assessing a low hand. However, they still apply for calculating the high hand. Aces can be used both for high and low hands. So, the best possible low hand is A, 2, 3, 4, and 5, which is also a straight for the high hand - therefore it's possible for a player to take the whole pot with both the highest and lowest hands.
If there is no qualifying low hand then the high hand wins 100% of the pot.
Up to 8 players plus a dealer are seated around a table.
All players must first ante before they receive their initial cards. There are five betting rounds in a complete game of Stud, not including the ante.
On the first round of betting, the low card by suit is required to initiate action with a bet equal to half the lower limit (bring-in). Suits are ranked as in stud (highest to lowest: spades, hearts, diamonds, clubs) On subsequent rounds, the high hand on board initiates betting action. If hands are tied, the player to the left of the dealer acts first. In all cases, the dealer will notify the players as to who acts first.
Each bet and raise during the first two rounds of betting is set at the lower limit of the stake organization. For example in a 1/2 game, all bets and raises are 1 for the first two rounds. The exception to this rule is if any player displays a pair with their 2 face-up cards on 4th Street. In this event, all players have the choice to bet either the lower limit or the higher limit. If a player bets the higher limit, then all subsequent raises must be made at the higher limit.
Each bet and raise during the last three rounds of betting is set at the higher limit of the stakes structure. So, in a 1/2 game, all bets and raises are 2 for the last three rounds (5th street, 6th street and the river).
The maximum permissible number of bets per player during any betting round is four. The term cap is used to describe the 3rd raise in a round since betting is then capped and can't be raised anymore. Once the pot is capped, players can only call or fold.
At the showdown each player can use any five of their cards for their high hand and any five of their cards for their low hand.
After a hand is completed and the pot split, the dealer button is moved one player to the left and the next hand begins.
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