While it might not get the same high-stakes attention as Texas Hold 'em, Mississippi Stud actually follows similar rules to the better-known game. In this game, you'll still place an ante and make bets as the dealer reveals the community cards in the center, but betting and payout work differently than you may be used to.
Pay the ante before dealing any cards. This pregame bet, determined by house rules, generates a pot and ensures there is money to pay out.
Deal each player two face-down cards. Deal another three cards face down in the center of the table; like Hold 'em, these are the community cards, except you won't get more and you won't see all of them revealed at once.
Place a bet based on the two cards in your hand. You must bet at least the ante you put down, but you can either double or triple the amount. When you can't see any community cards, you should only triple your bet if you already have a pair. Alternatively, if you have a poor starting hand, you can fold.
Reveal the first community card. This card gives you the first clue as to the strength of your hand; unlike Texas Hold 'em, there aren't extra cards, so what's on the table is all you have to work with. Make another bet based on this knowledge, or fold.
Reveal the second community card. With four cards on the table, you have only one more opportunity to bet. Keep your bet low unless you know you can't lose; for example, if you have a six in your hand and there is a six on the table, you're guaranteed to make money. Place the bet or fold.
Turn over the last community card to reveal it. No more betting occurs; players turn over their hands and receive payment depending on the hand they made. Should you come away with the esteemed royal flush, you'll earn 500 times the money you put into the pot.