Punto Banco

In the United States, Australia, Canada, Sweden, and Macau, a variation of baccarat is played in which the casino banks the game at all times.

Players may bet on either the player or the banker, which are merely designations for the two hands dealt in each game.The cards are dealt face down, one to the 'Player' first, then to the 'Banker'; 'Player' then 'Banker' again. Each has two cards. This is the initial deal.

If either the Player or the Banker has 8 or 9 on the initial deal, no further cards are drawn. If neither player has an 8 or a 9, play proceeds as follows.
If the Player has an initial total of 0-5, the Player draws a single card. If the Player has an initial total of 6 or 7, he stands.

The Banker's play depends on the Banker's hand, on whether the Player drew a card, and on what card the Player drew:
If the Player did not draw a card, the Banker draws if he has 0-5, and stands if he has 6-7.
If the Player drew a 2 or 3, the Banker draws if he has 0-4, and stands if he has 5-7.
If the Player drew a 4 or 5, the Banker draws if he has 0-5, and stands if he has 6-7.
If the Player drew a 6 or 7, the Banker draws if he has 0-6, and stands if he has 7.
If the Player drew an 8, the Banker draws if he has 0-2, and stands if he has 3-7.
If the Player drew an ace, 9, 10, or face-card, the Banker draws if he has 0-3, and stands if he has 4-7.

The croupier will deal the cards according to the tableau and the croupier will announce the winning hand - either 'Player' or 'Banker'.

Mini-baccarat
Mini-baccarat is essentially the same game, but played at a smaller table very similar to a blackjack table. A single dealer handles the entire game, including dealing the cards. The pace is usually much faster than the "big baccarat" version. Betting minimums and maximums are usually lower. In casinos outside of Las Vegas and Atlantic City, this is frequently the only version of baccarat that is offered.

Baccarat Chemin de Fer
Six full packs of cards of the same pattern are used, shuffled together. The players seat themselves around the table. In the center is a basket for the reception of the used cards. If there is any question as to the relative positions of the players, it is decided by lot. The person who draws the first place seats himself next on the right hand of the croupier, and the rest follow in succession.

The croupier shuffles the cards, and then passes them on, each player having the right to shuffle in turn. When they have made the circuit of the table, the croupier again shuffles, and, having done so, offers the cards to the player on his left, who cuts. The croupier places the cards before him, and, taking a manageable quantity from the top, hands it to the player on his right, who for the time being is dealer, or "banker." The other players are punters.

The dealer places before him the amount he is disposed to risk, and the players "make their stakes." Any punter, beginning with the player on the immediate right of the dealer, is entitled to say "Banco", meaning to "go bank," to play against the whole of the banker's stake. If no one does so, each player places his stake before him. If the total so staked by the seated players is not equal to the amount for the time being in the bank, other persons standing round may stake in addition. If it is more than equal to the amount in the bank, the punters nearest in order to the banker have the preference up to such amount, the banker having the right to decline any stake in excess of that limit.

The banker proceeds to deal four cards face downwards: the first, for the punters, to the right; the second to himself; the third for the punters, the fourth to himself. The player who has the highest stake represents the punters. If two punters are equal in this respect, the player first in rotation has the preference. Each then looks at his cards. If he finds that they make either nine, the highest point at Baccarat, or eight, the next highest, he turns them up, announcing the number aloud, and the hand is at an end. If the banker's point is the better, the stakes of the punter become the property of the bank. If the punters' point is the better, the banker (or the croupier for him) pays each punter the amount of his stake.

If the banker has been the winner, he deals again. If otherwise, the cards are passed to the player next in order, who thereupon becomes banker in his turn.

Baccarat Banque

In Baccarat Chemin de Fer, it will have been noticed that a given bank only continues so long as the banker wins. As soon as he loses, it passes to another player. In Baccarat Banque the position of banker is much more permanent. Three packs of cards are shuffled together. (The number is not absolute, sometimes four packs, sometimes two only, being used; but three is the more usual number.) The banker (unless he retires either of his own free will or by reason of the exhaustion of his finances) holds office until all these cards have been dealt.

The bank is at the outset put up to auction, i.e. belongs to the player who will undertake to risk the largest amount. In some circles, the person who has first set down his name on the list of players has the right to hold the first bank, risking such amount as he may think proper.
Any player may "go bank," the first claim to do so belonging to the punter immediately on the right of the banker; the next to the player on his left, and so on alternatively in regular order. If two players on opposite sides desire to "go bank," they go half shares.

A player going bank may either do so on a single hand, in the ordinary course, or a cheval, i.e. on two hands separately, one-half of the stake being played upon each hand. A player going bank and losing may, again go bank; and if he again loses, may go bank a third time, but not further.
The laws of baccarat are complicated and no one code is accepted as authoritative, the different clubs making their own rules.