Razz Poker is similar to 7 card stud but in Razz, the best low hand is the winning hand, with anywhere from two to eight players per hand. Just like 7 Card Stud, players are dealt seven cards, where the first two are dealt face down, four more cards dealt face up and the last card is dealt face down.
The object of the game is to make your best five card low hand, using any combination of the seven cards you are dealt. Aces are always low, and straights and flushes have no effect on the low value of a hand. The lowest possible hand is A2345.
Different for the Omaha or 7 Card Stud Hi-Lo games, Razz does not have the component of the eight or better aspect. In a Hi-Lo game, winning hands will not have a card that is higher than 8 in them. Since Razz is a game with only a low hand winning, any hand can win, including hands with low pairs. However, while this is possible, it's highly unlikely, and most winning Razz hands will not have a pair in them.
How to play Razz Poker:
Razz Poker has five betting rounds. In a fixed limit Razz game, bets and raises will always be either equal to the low limit or the high limit bet, depending on which round of betting you are in. During the first two rounds of betting, all raises and bets are equal to the low limit bet. And when the 3rd, 4th, and 5th rounds of betting ensue, bets are equal to the high limit bet size. For instance, if you are playing $1/$2 razz, all bets in the first two rounds will be in increments of $1, and all bets in the last three rounds will be in increments of $2. There is a maximum of 3 raises during any betting round, which means that the max you may bet in the 1st round is $4 and the max for the last three rounds is $8.
Initially, players are dealt two cards face down, followed by a single card dealt face up. The player holding the highest face up card will start the betting round with a ‘bring in’ bet which is equal to the low limit bet. That player can, however, choose to raise by betting the full low limit bet. Play then continues around the table, clockwise, with every player opting to call, raise or fold. Remember, during this round bets and raises must be equal to the low limit bet size.
After that round of betting is completed, a fourth card is dealt face up to all players still in the hand. The player that is holding the lowest hand (lowest hand here being and Ace/two) will be the first to act. That player may choose to fold, check or bet. If there are two players who are holding the same low cards, the player closest to the dealer will begin the betting round. Clockwise play continues around the table again. Unlike regular 7-card stud, an open pair does not affect the betting limit. Once again all raises and bets will be equal to the low limit bet size.
The next round of play starts with a 5th card being dealt face up to all remaining players. Play continues just as was done in the previous round with the lowest hand being the first to act. At this point in the hand all bets and raises will be equal to the high limit bet size.
A sixth card is dealt face up to every player. And once again play continues as in the previous round. All bets and raises must be equal to the high limit bet size.
Finally a 7th card is dealt face down to all remaining players. The betting round will then proceed as in previous rounds with all bets and raises being equal to the high limit bet size. In the event that all eight players are still in the hand, which doesn’t happen very often, there would not be enough cards for everyone to be dealt a 7th card and therefore single community card is placed at the middle of the table for all players to use.
Showdown - Anyone who has not folded after the last round of betting will now have the option of showing their hand in hopes of taking down the pot. The person who bet last is the first to show their hand, and then it proceeds clockwise from there, with each remaining player either choosing to show their hand, or muck it. Often times a player will muck their hand if they aren't going to win the pot, and don't want their opponents to see what they played.
I have always felt that this game is a great option for those players who are having a bad losing streak while playing 7 Card Poker.