Betting Structure for 5 Card Stud
All players must first ante before they receive their initial cards. In order to promote a more exciting 5 Card Stud Game at the $1/$2 limit, the ante is $0.50. There are four betting rounds in a complete game of 5 Card Stud, not including the ante.
On the first round of betting, the low card by suit is required to initiate action with a bet equal to half the lower limit (bring-in). Suits are ranked: spades (highest), hearts, diamonds, clubs. On subsequent rounds, the high hand on board initiates betting action. If hands are tied, the player to the left of the dealer acts first. In all cases, the dealer will inform the players as to who acts first.
Each bet and raise during the first two rounds of betting is set at the lower limit of the stakes structure. For example in a $4/$8 game, all bets and raises are $4 for the first two rounds. The exception to this rule is if any player displays a pair with their 2 face-up cards after the third street is dealt. In this circumstance, all players have the option to bet either the lower limit or the higher limit. If a player bets the higher limit, then all subsequent raises must be made at the higher limit.
Each bet and raise during the last two rounds of betting is set at the higher limit of the stakes structure. For example in a $4/$8 game, all bets and raises are $8 for the last two rounds (fourth card and the river).
The maximum allowable number of bets per player during any particular betting round is four. This would consist of (1) a bet, (2) a raise, (3) a re-raise, and (4) a cap. The term cap is used to describe the 3rd raise in a round since betting is then capped and can not be raised anymore. Once the pot is capped, players will have only the option of calling or folding.