System and method for playing a card game is provided. An embodiment for play in a casino using a standard deck of cards comprises allowing a player to place a wager on a selected card value, a wild card value, black, red, or lo ball. Community cards are dealt face up and winning hands are paid according to a predetermined payout schedule. Wagers on a selected card values and wild card values have predetermined payout values for specific winning hands. Black and red wagers have predetermined payout values if all of the community cards are black or red, respectively. Lo ball wagers have a predetermined payout value if all of the community cards are less than or equal to a predetermined value, such as 8. In another embodiment, the card game may be implemented in a computer system having a video display terminal.