At the start of each hand, a small disk known as the dealer button (shown below) is placed in front of one of the players. This disk indicates the theoretical dealer of each hand and marks the individual who will act last in each of the betting rounds. After each hand, the button moves clockwise one spot to the next player.

Two cards, known as hole cards, are then dealt to every player. Hole cards can only be used by the player that holds them.

The two players to the left of the button make forced bets called the small blind and big blind respectively. In limit holdem, the big blind is equal to the size of the small betting limit (i.e. in a $4/$8 limit holdem game, the big blind would be $4). The small blind is generally half of the big blind.

Action begins with the player to the left of the big blind and continues in a clockwise fashion. All players must at least match the amount in of the big blind in order to remain in the hand. If a player does not wish to match the big blind, he can throw his cards away and wait for the next hand to start. The player can also raise by an amount equal to the smaller bet. All players must now match this additional amount to remain in the hand.

The round is completed when action goes around the table without any player raising or the maximum number of bets allowed per round is reached. At Poker Fantasy, this betting cap is four bets.

Three cards are spread across the center of the table. These are community cards, which means all players are allowed to use them.

The smaller betting limit is once again used. Starting from the left of the dealer button, the first player to act has the option of checking or betting.

Checking can only be performed when no bets have been placed in the current round. It refers to passing the action on to the next player. Once a bet has been placed, checking is no longer allowed.

After any player places a bet, all other players have the option of calling, raising or folding. Calling refers to matching the bet in order to remain in the hand. Raising refers to making an additional bet in addition to a bet placed by another player. If the player is unwilling to match the bet, she may throw away his cards and wait for the next hand to start.

A fourth community card is placed at the center of the table.

The betting limit now doubles and becomes equivalent to the size of the larger betting increment. For example, in the ($4/$8) game, the betting limit in this round would increase from $4 to $8.

The fifth and final community card is placed at the center of the table.

Another round of betting using the size of the larger betting increment takes place.

All remaining players turn over their cards, and the one with the strongest hand takes all the money in the pot. If two or more players tie, the pot is split evenly among those players. If there is an uneven amount, the remainder is given to the player closest to the dealer’s left.

The winning hand can be made by any of the following combinations:
1) The player's two hole cards and three of the five community cards.
2) One of the player's hole cards and four of the five community cards.
3) All five of the community cards.

Play in No Limit and Pot Limit Holdem only differ from Limit Holdem in the amount that players can bet in each round.

In No Limit Holdem, the minimum bet in each round is the size of the big blind and the maximum bet is all the money that one has at the table. Once someone has bet, the size of the raise must be at least the size of the initial bet. For example, if a player makes a bet of $50, the raise must be to at least $100 ($50 greater than the initial bet of $50).

In Pot Limit Holdem, the minimum bet and raise are the same as in No Limit Holdem. The maximum bet and raise however, are the size of the pot. In calculating the size of the pot, the amount you must call before raising is included.

For example, if the active pot is $200 and the first player to act in the round bets $150, the next player has a maximum eligible total bet of $650. The $650 total is made up of the $150 call and $500 raise. The $500 max raise is equal to the original size of the pot ($200) + the first player's bet ($150) + his own call ($150).