SpadeClub.com (Free Poker) closed due to financial problems
Posted on September 21, 2010 by John Trevors for Luckyroom.com
The online poker site SpadeClub.com shut down its operations leaving more than 200.000 customers basically stunned, as there was not any notice in advance that the website was facing serious financial problems. Over the years, the site which belongs to the Cardplayer Magazine managed to ‘build up’ a strong customer base of Americans players as it was operating under the subscription regulations of the USA. The players do not bet money on the website but instead they provide a $20 monthly subscription. Players had the opportunity to enter weekly tournaments with guaranteed prizes of $5,000 and in a monthly guaranteed tournament of $30,000.
Each month, more than $100,000 in prize money were offered to the players and as a result the site was struggling to gain a profitable financial performance since the beginning of operations back in early 2008.
Not even the presence of Jeff Shulman at the final table of 2009 WSOP Main Event with the logo of SpadeClub managed to reverse the already prescribed course of company. Commenting on the recent decision to shut down the company, Barry Shulman, owner of the Cardplayer Magazine stated: “The operation of the company was not possible in economic terms. Since the last year serious financial problems forced us to shut down the operations of the website.”
The customers of SpadeClub were surprised this week when they received emails mentioning that have 30 days to close down their accounts in order for any economic disputes to be settled.
The press release on the closure of SpadeClub says: “All members of SpadeClub will have the opportunity to be transfered to the ZEN Entertainment Network. The VIP program of the ZEN will honor already registered members of SpadeClub, while the members with basic status can continue to play poker for free.”
‘Commenting on the selection of Zen Entertainment, Barry Shulman believes that the site is an ideal location for the Spade Club members as it offers to the community of poker players an alternative place where they can continue to play poker with their friends.
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