Online Poker Subscription Web Site SpadeClub.com Closes

by Lou on September 22, 2010

Financial problems recently shuttered SpadeClub’s doors for good. By operating as a subscription site instead of a traditional online poker room, spadeclub.com, the online poker site owned by Card Player Magazine, was able to legally operate without running afoul of US gaming rules.

While no money was actually wagered on their poker games, players could enter weekly $5,000 tournaments along with a $30,000 monthly guaranteed tournament for a $20 monthly subscription.  Although the site awarded more than $100,000 in monthly prizes, they were hard pressed to turn a profit since opening in 2008.

“We just couldn’t make it work from a financial standpoint,” said Card Player Magazine owner Barry Shulman, who claimed that while they were close to breaking even, “…processing problems that we couldn’t overcome,” made it impossible to continue.

SpadeClub customers were surprised when they were told via email that they had 30 days to close their accounts. Subscribers were offered an option that would allow them to carry on their subscription-based poker, as a statement on the SpadeClub website read, “Card Player Media is teaming up with the ZEN Entertainment Network™ to provide a better poker experience to all our members. SpadeClub has ceased operations, and now your poker experience will be provided by the ZEN Entertainment Network.   Going forward, all SpadeClub members are being offered a chance to participate in the transition to the ZEN Entertainment Network. ZEN’s VIP program will honor all time already purchased by SpadeClub members. Basic members can continue to play for free as well.”

Shulman reportedly said that he believed Zen would be a good fit for Spade Club members, and would allow the “community of loyal poker players … to have a place where they could continue playing with the friends that they made.”

{ 3 comments }

david webb September 22, 2010 at 7:20 am

A group of former players put together a website to keep players updated on information regarding Spadeclub and to stay together as a community to maintain their friendships. Former Spadeclub players and the press can visit http://www.spadeclubbers.com for more information.

Poker Training October 7, 2010 at 12:04 am

I am surprised to hear this news of their closing. It is definitely going to be hard for any new comers to effectively compete with FTP, PS, Doyles, etc.

ryan

lou October 20, 2010 at 2:46 am

I actually won on this site but after several attempts and filling out verification forms I never received my winnings. I am not surprised its closed.

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