Similar to 7 Card Stud, 7 Card Stud Hi/Lo splits the final pot evenly between the players with the lowest hand and the highest hand, assuming the low hand qualifies.
Players are dealt seven cards over five rounds of betting, and they must make their best high 5 card or low 5 card poker hand from the cards they are dealt.
To begin with, each player at the table posts a small ante. Each player is then dealt one card face up and two cards face down.
Play begins with a forced bet (the bring in) by whichever player has the highest face up card. Play then moves in a clockwise direction with players either calling the bring, betting or folding. Like in other stud games, all betting rounds will have a limit of three re-raises.
After the first betting round, a second card is dealt face up, following by another round of betting. A third card is then dealt face up followed by another round of betting. Betting will again start with whichever player has the best up cards.
A fourth card is then dealt face up, followed by another round of betting. Another down card is then dealt. The final betting round then takes place, followed by a showdown.
If there is no qualifying low hand, then the player with the best high hand wins the entire pot. If there is a qualifying low hand, the pot is split evenly between the low hand and the high hand. On a few rare occasions, a player can win the entire pot should they have the best high hand which also happens to qualify as the best low hand.
In the end, 7 card stud hi/lo follows the 2 down, 4 up, 1 down pattern of 7 card stud.