Razz is a variant of stud, thus also known as seven card stud low. The game is almost exlusively played as fixed limit, and is regurlarly played in mixed games all over the world.
After the player has received seven cards the goal is to make the best low hand possible consisting of five cards. The game is basically stud high but reversed, with the exceptions that flushes and straights have no value and that the ace is counted as a low card. Accordingly the best possible hand is A2345, this hand is called the "wheel". There is no qualifier to make a low hand as there is in Omaha Hi-Lo or Stud Hi-Lo, any hand can win as long as it beats the opposition.
In this hand, all cards have been dealt and it's the last betting round. Altough the hands aren't very pretty, Razz is about playing your opponents cards as well as your own.
Betting Rounds And Gameplay
There is no blinds in Razz, but an ante, which means that all the players post a fee for every hand they're playing. When the antes are posted, all the players will recieve two faced down cards known as hole cards and one card faced up card called the door card for everyone to see.
The first betting round is called the third street and starts with the player holding the highest card faced up, this player have to post an obligatory bet, called the "bring in". If two players share the lowest valued card, the suit will determine which one have to post the bring in. The suits values is in alphabetic order from worst to best and goes: clubs, diamonds, hearts and spades. This is however the only time suits is a factor in this game. The player bringing in has the option to either bet the ante or to make a raise to the fixed amount of the table.
The player to the right of the bring in is next to act, with the option to fold, call, or raise the fixed amount. In a game of $5-$10 the bet would be 5$, the bring in about 20% of the small bet and the ante around 10% small bet. If there is still more than one player left in the pot when the first betting round is over, these players will recieve one more faced up card.
We have now gotten to the fourth street where the players hold two hidden cards and two open cards, the round will start with the player that has the lowest door card which was the first faced up card, the player with the lowest door card on every particular street will be first to act during that round. The player have the option to check or raise the fixed amount.
If the pot is still up for contention, the players will recieve yet another faced up cards. We have gotten to fifth street and on this betting round the bet limit is doubled, in a game of $5-$10 the fixed bet limit would be $10 and will remain so for the rest of the hand. Aside from the bet sizing the hand is played out like previous streets.
It's the third betting round called the fifth street, the bets have doubled from the two first betting rounds.
The last faced up card will be dealt, if there's still players in the pot after the third betting round. The sixth street is played out exactly as previous streets with the player holding the lowest door card starting the hand.
When the last bet is called or the hands get checked, the last card will be dealt faced down, only for the player to be seen. The seventh street is the last betting round and is played out like previous rounds, and if the last bet is called, the players will turn up all their cards and the winner of the hand will be determined.
Showdown And Hand Values
The hand strengths is reversed from the conventional poker hand rankings, with the exceptions of the ace being counted as a low card and that the straights and flushes doesn't count. But if there is no pairs in the hands, the highest card of every five card hand will determine the winner. If two players has the same highest card, the next will determine the hand and then the next until there is a different card between the players. However, if the hands are exactly the same the pot will be split between these players.
Player A: A♦2♠4♥J♦K♠8♥6♦
Player B: 3♥7♣4♣7♥Q♦5♣6♥
Player B wins the hand with a seven high 7♣6♥5♣4♣3♥ which beats the eigth high of Player A 8♥6♦4♥2♠A♦.
Player A: 2♠6♦6♥4♥7♠7♣2♦
Player B: A♦3♠9♣K♣Q♥A♠J♦
Player B wins the hand with a queen high Q♥J♦9♣3A♦ since player A can't make a five card high hand and has a pair of deuces in the hand 7♣6♥4♥2♠2♦.
Fixed Limit Cap Bet: On any given street there is a cap of the number of raises. There can only be one bet and three raises every round. When the cap is reached the remaining players only have the option to call or fold.
Running Out Of Cards: There is 52 playing cards in the deck. If all eight players are still in the hand after the sixth street, there's simply not enough cards. If a situation like this would develop the dealer will place one card in the middle of the table. This card will count as the seventh card for every player at the table, much like the community cards in Omaha and Texas Hold'em.
Good luck at the tables!