Razz is the common name for Seven Card Stud Low Poker. It is commonly seen in casinos at high limit tables and in most major poker tournaments. It's not seen as much in home poker games. The game is dealt and played just like in regular Seven Stud High Poker, but the winning hand is the one that contains the 5 lowest cards. You get seven cards total, but you must pick the best 5 to make your hand.
When determining the lowest hand in Razz you ignore straights and flushes and the Ace is the lowest card, thus the lowest hand in Razz is 5-4-3-2-Ace. This hand is also called a wheel, bike or nut low. The best hands in order:
To determine the best of two Razz hands you should sort both hands from highest card to lowest. So if we have two hands: 2-4-9-6-5 and 6-9-A-3-4 we arrange them to get 9-6-5-4-2 and 9-6-4-3-A. Now compare the highest card in each hand. If they are equal (as in this case) compare the 2nd highest. If still equal then compare the next highest card. In this case the 2nd hand is lower because the 3rd highest card is a 4 and the 1st hand it is a 5.
Razz hands are generally called out at the end of the hand by the dealer or player by saying the two highest cards. If your two highest cards are 6 and 4 then you have a "sixty-four". If they are 7 and 6 then you have a "seventy-six", etc...
In Razz there is generally both an ante and a forced bet as in regular Seven Card Stud however the force bet is required from the person with the highest card exposed after the first three cards are dealt (closest to the King - since the Ace is the lowest card in Razz).
When playing Razz with a fixed limit such as $20-$40 the betting increments are at the lower limit ($20) for the first 2 rounds. The betting limit doubles to the higher limit ($40) on the third round and successive rounds (where everyone has 5 cards).
Razz is played in almost every one of the major poker tournaments in the United States including the World Series of Poker played at Binion's Horseshoe each year.
Similar games include Deuce-to-Seven Draw Low (also called Kansas City) and Lowball Draw (both are versions of 5-card draw where the lowest hand wins).