If one or more of the tiles drawn is a blank, its letter value is
not yet assigned.
The dealer does not deal herself a hand and will not participate
in the play of the round.
After the first round of betting, players who have not "folded" may exchange as many as three of their hidden tiles (from the unused tile pool in the dealer's bag), but the last one of these exchanged tiles is turned face up, visible to all the other players. Dealer hands out exchanged tiles.
The second round of betting begins. Again, the betting proceeds, poker style. If one high bettor remains (and the others have dropped out), then (s)he has "bought" the pot, and play terminates for that round.
At the conclusion of betting, the remaining bettors in turn (proceeding clockwise from the dealer), each form a "legal" Scrabble word by laying down one or more of tiles in their "hand" onto the board. The player's word must touch the dealer's original letter string at one or more places, as per Scrabble rules* (current player "names" any blank tiles on the board). Players each have one minute to lay down their tiles on the board. Each participating player's word score is calculated in Scrabble fashion**. After one player adds up his score, (s)he removes his/her tiles from the board***, and the next player (clockwise) does the same. The player with the highest score wins the entire pot.
* Word laid down must be a "legal" word, an all adjacent rows and columns of tiles formed with "seed word", as in Scrabble play.** Add up letter values, with multipliers according to the board squares. All applicable Scrabble letter and word bonuses apply. The "seed word" itself does not score, but any of its tiles used in a formed word do.
*** Optional rule variant: The preceding players' tiles remain on the board, and any "named" blanks remain frozen according to what the first player designated them.