Of the several variations of five card stud you need to know the basic structure of the game that is as follows:
• Each player ante a said sum in to the pot before the game begins or even before the cards are dealt.
• Ante is predetermined.
• Following the ante, the dealer shuffles and deals 2 cards in the pre-flop round where one card is dealt face up and the other card is dealt face down.
• The betting round follows after the players examine their card. The person to initiate the bring-in is the player who has the low ranking card face up.
• For any kind of ties in low rank, suit ranks is used to break the tie.
• The dealer burns one card downward and keeps it aside.
• Each player is dealt with a flop card upward, following which the betting is initiated by the high rank card.
• Each player is dealt with a turn card upward, following which the betting is initiated by the high rank card.
• Each player is dealt with a river card downward followed by showdown.
• The dealer looks in to the cards and gives the pot to the high rank normally.
• Players can muck if they do not wish to reveal their cards if the casino or site permits.

The variation of five card stud games with betting structure is also based upon:-
• Limit five card stud poker where there is limitation in the bet amount.
• No limit five card stud poker where there is no limitation in the bet amount.
• Pot limit five card stud poker where there is a pot amount to be the minimum of the bet amount
• Spread limit five card stud poker is where the limitation of the bet is in ranges of $x to $x
• Variations also apply with having limit or spread limit bets only in the higher betting rounds.

There are several variations of five card stud based on pot splitting like:-
• In lowball poker or the California five card stud the lowest rank splits the pot, the “wheel” is considered the best low like A-2-3-4-5
• There is high-low pot splitting variants where the stakes are shared by the high and low pots.

Variations based on 2 downcard, 3 upcard or 3 downcard and 2 upcard dealing exists.