If you've come to this page looking for a place to play 7 Card Stud Hi-Lo online, my recommendation is Party Poker. They have enough players online that it makes finding a game possible. Other rooms may offer 7 Stud 8oB, but it may be more difficulat to find other players to play with (or against if you're playing real money).
7 Stud 8 or Better
Stud 8 or Better is the Hi-Lo version of Seven Card Stud. It is a "split-pot" game where the highest hand at the showdown tkaes half of the pot, and the lowest qualifying hand takes the other half.
Gameplay:
The game is played in the same way that 7 Card Stud is played. The differences are that you cannot make a double bet on fourth street if a pair is showing, and at the end of the hand the pot is split between the high and qualifying low hands.
To qualify for Low:
It takes a five-card hand with different numerical values from Ace through eight (with the Ace being the lowest value) to qualify for the "Low" half of the pot. The best "Low" hand is A,2,3,4,5 (also known as the "wheel" or "bicycle"). The winning "Low" hand is the one with the lowest high card in it. If two or more players qualify for "Low" but have the same highest card, the second lowest high card (and if necessary progressing down to the third, fourth, or fifth lowest high card) would be the winning hand. For example, a 2,3,4,6,8 would be a better "Low" hand than an A,2,4,7,8.
Straights and flushes do NOT count against you on the low side. You may use any combination of cards for the high hand or the low hand or you may use the same cards for both the high and low sides.