Ponsi Rules

Ponsi comes from Arthur Buderick's Dealer's Choice Poker rules, as published on pagat.com. The name is thought to refer to the investment fraud associated with Charles Ponzi. The game uses a standard 52-card deck with no wild cards.

The pot is split between the best high hand and the best low hand, with each player declaring which half they are playing for.

A player may use any five of the ten cards available to them: their own five cards and the five shared cards. A player declaring both ways may use a different five cards for high and for low.

High hands follow the standard hand rankings. The source does not state how low hands are ranked or whether a low must qualify; the dealer shall announce this before the deal.

Each player antes one unit (the source uses $1).

The dealer deals five cards face down to each player, and five shared cards face down in a row on the table.

There is a first betting round, with bets of two units and at most three raises of two units each.

Before each shared card is turned, each player in turn shall either pay the current price into the pot to stay in, or fold.

For the first shared card, the decision starts with the player to the dealer's left. For each later card, it starts with the next player still in the hand to the left of the player who decided first on the previous card.

When everyone has decided, the card is turned face up and there is a betting round. The betting is opened by the first player who paid to stay in, with a fixed bet size and at most three raises.

The price to stay in and the bet size both rise by one unit with each shared card:

After the last betting round the remaining players declare simultaneously, using concealed coins, whether they are going for high, low or both (pig).

The best high hand among the high declarers wins the high half and the best low hand among the low declarers wins the low half.

A player who declares both must win both high and low to claim any part of the pot.

Staying to the end costs fifteen units in stay-in prices alone (1 + 2 + 3 + 4 + 5), before any bets, so weak hands should be released early.

With ten cards to choose from, strong hands are common. Hands that are good both ways are the most valuable, since only a player who declares both can win the whole pot.