The game was first developed in the Caribbean islands and conquered the world in the late 1980's.  American casinos promote the game since 1992.
Caribbean Stud Poker is a 5-card poker game played with a standard deck of 52 cards.  Both player and dealer are dealt five cards, one of the dealers cards being face up.  No additional cards are drawn; the player and dealer compare hands from their five cards.
The player has the choice whether he bets and challenges the dealer's hand or he surrenders.  If he decides to challenge the dealer, he bets two times the ante. At the moment the bet has been placed, the dealer exposes the remaining four cards and the hands are compared. 
If the dealer is not being challenged, the player has to surrender and looses the ante.