High-low Stud
     
   
This is a very sophisticated form of poker which requires great concentration. It is mostly played with a small limit, say 5 chips increasing to 10 at the last betting interval or when an open pair shows on the table. The number of raises in any interval except the last is restricted to three. If played pot limit and without restrictions on the number of raises, the game can get astronomically high. The pot is divided between the highest and lowest hands.

This game is often played under Contract rules. When the betting in the last interval is completed, and before the showdown, the surviving players must declare in turn whether they are aiming high or low or both ways. A player can only win according to this declaration. If he declares both ways, he must win both high and low to win anything. The first player to make his declaration is the last player who raised. If everyone checked at the last betting interval, the best hand showing on the table makes the first declaration. After that the survivors declare in rotation to the left.

The last to declare obviously has a big tactical advantage in that he can aim where the competition appears least. The first to declare is in the worst possible position. In that situation, unless you are very sure of your grounds, don't be too keen on raising in the last betting interval.
     
   
     

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