Online Poker Site 'SpadeClub' Closed Amid Financial Woes

The online poker website Spade Club.com has closed shop, leaving over 200,000 customers feeling irate that they weren’t given any earlier indication that the site was in trouble.
Over the years, the Cardplayer Magazine owned site had managed to build up a solid American player customer base, as it operated within US gaming rules as a subscription site.
In other words, no money was actually wagered on the site and instead, for a $20 a month subscription fee, players were able to enter weekly $5,000 tournaments, as well as a $30,000 monthly guaranteed tournament.
However, with over $100,000 in cash prizes awarded every month the site had found it increasingly hard to turn a profit since opening in early 2008.
Jeff Shulman’s final table appearance at the 2009 WSOP Main Event dressed in SpadeClub apparel did little to stem the tide and commenting on the recent decision to pull the plug on the operation, Cardplayer Magazine owner Barry Shulman said: 
“We just couldn’t make it work from a financial standpoint. We were getting close to having a break even month for the first time about a year ago and then we started having processing problems that we couldn’t overcome.”
SpadeClub customers were taken aback this week when they received emails notifying them of the sudden news and the 30 day deadline they now have been given to close their accounts.
However, its not all bad news for Spade Club’s members and Cardplayer has now found an alternative venue for players wishing to carry on their subscription based poker endeavours.
A statement on the closing SpadeClub website reads: 
“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.”
Commenting on Zen Entertainment, Barry Shulman said he believed the site would provide an ideal “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.”