Lyric discussion by Dougg 

Verse 2 seems to be about how the card player sees his entire life in terms of a card game. The "Jack of Diamonds" is a young, foolish man- "Jack"- with lots of money- "diamonds"- whom he "plays". He wins his money from young rich men that he plays cards with.
The "Queen of Spades" would be a woman or women that he "lays". She's not the queen of hearts, because he doesn't love her- the spade, or "sword", gives a hint as to the nature of their relationship.
The King- presumably the King of Hearts- is who he really is inside. He conceals his real thoughts and feelings inside him until he forgets who he really is. Just my thoughts, I'm out.

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