Caribbean Poker allows the player to make two different wagers, should they wish, giving them two ways in which to win money. Before any cards are dealt, the player must 'ante' an amount of money. The ante effectively buys the player a hand in the game. Once the ante is placed, both the player and the dealer are dealt 5 cards each, with the dealers final card being dealt face up. Having seen the value of one of the dealers cards and their own hand, the player can choose to either 'fold' or 'bet'. If the player decides to fold, the hand is lost with the ante being paid to the dealer.

If the player chooses to bet, they must wager an additional sum of money which must be twice the amount of the original ante. Once the bet has been placed, the player and dealer compare their hands. If the dealers hand contains an Ace and a King, or better, it is known as a 'qualifying' hand. If the dealer does not hold a qualifying hand, the bet is returned to the player and the ante is paid back at 1 to 1. If the dealer has a qualifying hand, but the players hand beats it, their ante is is paid back at 1 to 1 and their bet is won at odds according to the value of the hand (see odds below). If the players hand is beaten by the dealers, their ante and bet are both lost. Caribbean Poker uses standard Poker hands to determine the value each hand [see Poker Basics].

The odds paid out on winning hands are as follows:

Royal Flush, odds of 100 to 1.
Straight Flush, odds of 50 to 1.
4 of a Kind, odds of 20 to 1.
Full House, odds of 7 to 1.
Flush, odds of 5 to 1.
Straight, odds of 4 to 1.
3 of a Kind, odds of 3 to 1.
2 Pair, odds of 2 to 1.
1 Pair, odds of 1 to 1.

As well as the standard wager, the player has the option of placing a second bet, called the 'progressive'. If the player chooses to place this bet, they must do so at the beginning of each hand. The cost of progressive is always a set amount, usually $1.00. If the player does not win the bet, their $1.00 remains in the 'pot' which accumulates as other lost progressive bets are added to it. In order to win the pot, or a percentage of it, players must hold a Flush or better. The amount paid out for a Flush, Full House or 4 of a Kind varies from casino to casino depending on the size of the pot. However, Straight Flushes will nearly always win 10% with a Royal Flush winning 100% of the pot. The value of the pot can be anything from a couple of hundred dollars to over $100,000 depending on when it was last won.