Stud Poker is the principal form of Open Poker, in which each player has some of his cards face up. The basic form of Stud Poker is now called FIVE-CARD STUD to distinguish it from SEVEN-CARD STUD (described below)* which has become at least as popular.
Each player receives two cards face down and one card face up, and there is a betting interval. On each subsequent round of dealing, each active player receives a face-up card until he has four face-up cards (and, of course, two facedown cards) with a betting interval following the dealing of each face-up card all around card is dealt to each player, there is a final belting interval, and each player who has at least called the final bet turns his three hole cards face up, selects any five of his cards to be a poker hand, and there is a showdown.
This game is often called DOWN-THB-RIVER, SEVEN-TOED PETE, and by other names.
SIX-CARD STUD POKER (which is identical with Five-Card Stud Poker except that after the fourth face-up card and the fourth betting interval each player receives a second facedown card, followed by a final betting interval) and EIGHT-CARD STUD POKER (which is the same as Seven-Card Stud except that after the seventh card is dealt and there is a betting interval, an eighth card is dealt face down to each active player and there is a final betting interval) are also played, but not so often. In each case, the player selects five of his cards to represent his poker hand in the showdown.
Seven-Card High-Low Stud
A player may select any of his cards to compete for the high end of the pot and a different five cards to compete for the low end, and therefore may win both ways. (Note that in high-low, a perfect low is 6-4-3-2-A.) Often declarations are played: After the final round of betting is finished but before the showdown, each player declares whether he is trying for high, for low, or for both. He may win only the part of the pot for which he declares. If a player declares for both high and low he must at least tie each way or he receives nothing.
There are two popular forms of declaration. In simultaneous declaration, each player conceals a chip (or some other token) in his closed fist Different chips (or tokens) are used to indicate the three different calls—high, low, and high-low. All reveal the declarations simultaneously. In consecutive declaration, one player is designated as the first to declare, usually the player who made the last aggressive move (raise or bet) on the final betting round (or the high hand, if there was no bet on the final round). Declaration then proceeds in clockwise rotation. The former method is preferable, because it eliminates the advantage of position which plays a large role in the second.