24Apr
SpadeClub.com Closes due to Financial Problems

It’s no secret that the gambling laws in the US make it hard for an online poker site to operate and make a nifty profit. Nevertheless, there are some admirable sites that tried to balance things out and still walk within the bounds of the law. One of which was the online poker website called SpadeClub.com. However, it soon buckled under all the restraints and now it’s closed due to its compounded financial problems, leaving a trail of disgruntled customers in its wake.

Spade Club’s Structure

Spade Club was actually a site owned by the poker authority, CardPlayer Magazine. The site itself was geared towards US players and did the magnificent feat of operating well within the bounds of the US law concerning online gambling. Spade Club was a subscription based site and no money at all was wagered in the site itself. Instead, people would pay $20 each month to enter weekly $5,000 tournaments and a monthly $30,000 tournament. The site offered a pretty nifty deal, all things considered, and soon enough, it gathered a pretty solid customer base in the US. After all, $100,000 in prizes each month was certainly nothing to scoff at, especially since all you had to risk was a measly $20 and your time and effort.

However, it seemed as if such a structure, though legally sound, was unsustainable. Ever since it opened in 2008, Spade Club was already experiencing problems in just keeping afloat. Now, having failed to attract a bigger customer base despite its numerous attempts to do so, Spade Clubs just folded upon itself and closed. Barry Shulman, owner of Cardplayer Magazine, said that they were getting close to having a break even just a year ago, but then they encountered some processing problems that they simply could not overcome. Basically, the site became too troublesome to keep, and the effort was simply no longer ‘worth it’ from a financial standpoint so they had to close it down. There was little warning about this outcome, so a lot of customers got irritated by the site’s abrupt closing.

Spade Club’s Closing

Customers of Spade Club received emails this week telling them about the site’s closing. They were given a 30-day deadline to close down their accounts. A lot were angered by this, but to be fair, Spade Club did try its best to keep afloat. Jeff Shulman even appeared in the WSOP Main Event Final Table dressed in Spade Club apparel, though this really did little to help. Also, Spad Club made sure that their members had somewhere to go to after the site’s closing, particularly, ZEN Entertainment Network. The ZEN Network would honor all the Spade Club members, including the time they paid for on the Spade Club site.

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