Many baccarat players believe that historical deal patterns are important in determining possible future outcomes and a number of popular methods of recording deal outcomes have been devised that serve to highlight emerging patterns. Five of the better known tracing indicators are the Big Road, Bead Road, Big Eye Road, Small Road and Cockroach Road. Traditionally players would manually mark their own indicator cards but now many casinos will display this information automatically.

Once play begins, one player is designated as the "banker". This player also deals. The other players are "punters". The position of banker passes counterclockwise in the course of the game. In each round, the banker wagers the amount he wants to risk. The other players, in order, then declare whether they will "go bank", playing against the entire current bank with a matching wager.

Only one player may "go bank". If no one "goes bank", players make their wagers in order. If the total wagers from the players are less than the bank, observing bystanders may also wager up to the amount of the bank. If the total wagers from the players are greater than the bank, the banker may choose to increase the bank to match; if he does not, the excess wagers are removed in reverse play order.

The banker deals four cards face down, two to himself and two to the remaining players. The player with the highest individual wager (or first in play order if tied for highest wager) is selected to represent the group of non-banker players. The banker and player both look at their cards.

if either has an eight or a nine, this is immediately announced and the hands are turned face-up and compared. If neither hand is an eight or nine, the player has a choice to accept or refuse a third card; if accepted, it is dealt face-up. It is traditional to always accept a card with a hand that totals 0-4 and always refuse a card with a hand that totals 6 or 7. After the player makes his decision, the banker makes the same decision to accept or refuse another card. Once both have made their decision, the hands are turned face-up and compared

Six decks of cards are used, shuffled together. Players are seated in random order, typically around an oval table; discarded cards go to the center. Play begins to the right of the croupier and continues counterclockwise.