Razz is a variant of 7-card stud in which the lowest 5-card hand wins instead of the highest.
Each player antes to start the game. The ante is often 10-20% of the low limit bet for the table. For the first hand, the dealer gives each player two "hole" cards, dealt face down, and another card dealt face up. This three-card round is called the third street. Unlike traditional 7-card stud, the player with the highest up card opens and begins the betting or folds. If two players have equally high cards, the opener is determined by suit with spades being the highest suit, followed by hearts, diamonds, then clubs. Each player can choose to call, matching the opening bet, raise, increasing the bet, or fold and leave the game. The bets during the third street are at the low limit for the table and there are generally no more than three raises allowed during a betting round.
Once the betting for the third street is complete, each player is dealt another face up card for the fourth street and another round of betting follows. In this hand, the player with the lowest exposed hand opens.
Players are dealt one additional face up card in each of the fifth and sixth street, with betting rounds after each deal. The lowest hand continues to determine the opener and players now bet the high limit for the table.
In the seventh street, a final card is dealt to each player. However, this card is another hole card and is dealt face down. After the final round of betting, the players expose their hole cards and the lowest 5-card hand is the winner. In razz, aces are always low and straights and flushes are not considered in the ranking of the hands. So, the lowest possible hand is Ace-2-3-4-5.