Mississippi stud was created to make seven-card stud play better at no limit and pot limit, and is slowly becoming popular for that reason. It is also often played with a betting structure more typical of Texas hold 'em: fixed limit with the last two rounds double the limit of the first two. The bring-in should be less than the first-round limit.
Initial deal as in standard seven-card stud. After the first betting round, two upcards are dealt to each player, so each now has two down and three up (so unlike standard stud there is no betting on "fourth street"). A second betting round is followed by one more upcard and a third betting round. Finally, the last card is dealt face up, so that each player ends with two downcards and five upcards. Because each player has five upcards on the last round, straights, flushes, and full houses count as "high hand exposed" for the purpose of determining who must bet first. After the seventh street bet there is a normal showdown.
Can also be played with low hands, or high-low split. If three downcards are dealt initially instead of two, with the restriction that no more than two of them can be used in the final hand, this variation is called Murrumbidgee stud.