Playing poker at a high level requires a tremendous amount of discipline, the ability to read the opponents, and the willingness to make tough lay downs. Founder and CEO Barry Shulman demonstrated his ability to do all three on Wednesday, shutting down his subscription-based poker web site SpadeClub.com.

According to Shulman, SpadeClub was poker for the "Average Joe". Problem is: Shulman isn't your average Joe. Jetting around the world with a-list poker buddies and dumping down $25,000 entry fees is a far cry from trying to pry $20.00 per month from a dairy worker in Enid, Oklahoma. The principle was great, hundreds of tournaments, all freerolls with cash prizes. Problematic though, since the last freeroll a Shulman has seen was at the registration desk of the Belagio.

Hiring drop dead gorgeous models to headline the TV ads were sure to bring the average Joes, and it did. Hundreds of thousands of them arrived. Beta testing was done with experienced, online poker players. When the fish started arriving by the thousands, the sharks were already there. Many real pokers despised the experience and bailed after the hundredth time of having their pocket rockets exploded by the 3-9 off suit.

A new breed of micro grinder was created; a sort of semi-professional who knew just enough about freerolling and, coincidently, had a hundred hours per week to devote to it. They became just good enough to scare away most of the new Joes, while supplementing their retirement, investment, or money they earned from selling toenail artwork on eBay.

While the Shulmans were basking in the limelight of their WSOP successes in 2009, the entrepreneurial "Joes" decided they didn't want to be so average anymore. Part of SpadeClub's great success came from social aspects of the website. Players had their own profile page complete with messaging capabilities. Players created blogs and soon capitalistic predators saw a window. Like a poker bounty tourney, every paying member now had a bounty on their head. Recruit them to the competitors and you make a buck. With competitors launching new sites faster than Gavin Smith can pinch a chew, a site could have 1000 new members plunking down $20 bucks without spending a dime for marketing. Send the recruiters a few checks and then close the doors, a sort of internet Ponzi scheme with friends recruiting friends. Few of these players ever made their way back since they actually played some realistic online poker for a few months at these underground sites.

Rarely can you teach an old dog new tricks goes the old adage. However, these clever SpadeClub micro-entrepreneurs actually taught Barry a thing or two. By merging with the ZEN entertainment network, he positioned himself to make what the poker industry would consider a "rake". In an email received from NLOP, the actual site that now houses the former SpadeClub memberships reads as follows: "Our partners earn $1/month from every free active player. An active player is someone who plays ten or more hands of poker in a month. This is residual income that is earned every month that someone remains active. If a player subscribes, you earn $2/month from that player."

It has been estimated that over 200,000 have registered to play at SpadeClub. When added to an ABC audited circulation of over 60,000 for CardPlayer Magazine and an undetermined amount of registered players to their online publications, they have what could be considered the largest database of poker players in the United States. Steve Chanzes, president of Target Marketing List Corporation out of Orlando, FL, a marketing company that specializes in the gaming industry, believes records like that could easily bring $600 per thousand as a list rental and is an extremely valuable data set in the list and lead generation industry.

Regardless of how Congress reacts to Representative Barney Frank's proposed bill, which allows internet poker gambling, Shulman has masterfully positioned himself in a win-win situation. Armed with a massive database and software that, with a few minor tweaks, is ready to go, he could have a big head start in the coveted U.S. market.

Barry Shulman played this hand masterfully.

In the revolving world of poker, sometimes it pays to fold a full house.