And of course, the World Poker Tour is considered by most to be among the top poker brands, along with the World Series of Poker, which is owned by Harrah's ( HET). Backing up the power of the international market are data from PartyPoker.com. PartyGaming said in a recent investor presentation that in late 2004, 92% of new customer signups came from the U.S. At the end of 2005, that number dropped to 68%, as a larger percentage of gamblers came from Scandinavia, the U.K., other parts of Europe and Canada. Latin America and South America, which aren't even represented in the PartyGaming report, remain largely untapped markets, Lipscomb says. And even though the U.S. Justice Department remains opposed to letting this country's citizens gamble on the Internet, the rest of the world has proved to be more accepting. If WPT were to penetrate 5% of the non-U.S. market, that would equate to about $325 million in revenue at a roughly 40% to 50% margin, says Steven Gart, an analyst with Nickel Capital, a hedge fund that recently purchased the stock. Last year, WPT's total revenue was $18 million. "With an enterprise value in the $35 million to $40 million range, we just find the upside too strong not to bet WPT," Gart says.