7 Card Stud Hi/Lo is played exactly as 7 Card Stud with the exception that the pot is split between the best Hi hand and the best qualifying Low hand, if one exists.
To qualify for Low: It takes a five-card hand with different numerical values from Ace through eight (with the Ace being the lowest) to qualify for the “Low” half of the pot. The best “Low” hand is A, 2, 3, 4, 5 (also known as the “wheel” or “bicycle”). The winning “Low” hand goes to the player with the lowest high card. For example, a player with a 2,4,5,6,7 would have a better “Low” hand than someone with an A,2,4,6,8. If two or more players have the same high card, the player with the second lowest card (or third, fourth, or fifth if necessary) in their hand wins the low side of the pot.
Some things to Remember
1) Straights and Flushes do NOT count against you when qualifying for “Low”. This is not always the case in other poker variants involving the low hand.
2) You are permitted to use different cards in your hand for the “High” side and different cards for the “Low” side or the same cards for both the “High” and “Low” sides. In a split pot, any leftover odd chip goes to the “High” side of the pot.