Turns out there are two versions of the red Terrible's Players Club slot card from Terrible's Lakeside, IA. One one version there is more space between the reverse text paragraphs and the spacing from the end of the 1st paragraph to the start of the 3rd paragraph is 5mm. On the second version there is less space between the paragraphs and the spacing is 4mm from 1st to 3rd.

Here's a scan of the common front followed by the 2nd issue back with the 5mm spacing followed by the newly added 3rd issue with the 4mm spacing.