Like clockwork -- or perhaps like discarding the right tiles in a virtual game of Mah-Jongg -- GigaMedia (NYSE:GIGM) played its latest quarter perfectly. Revenue soared 155% higher to $30.1 million and profits more than quadrupled to $0.17 a share.

Okay, so maybe those tiles aren't as shiny as they first appear. GigaMedia has been wheeling and dealing, so the growth isn't entirely organic. The previous year's final quarter didn't have the benefit of the FunTown casual gaming portal that GigaMedia acquired early in 2006. You also have a $0.03-per-share gain from the company's sale of Taiwanese online game maker Gamania.

However, analysts were only expecting to see a profit of $0.13 a share on revenue of $28.7 million here. Even without the one-time gain, GigaMedia would have punched in ahead of the market's top- and bottom-line targets.

GigaMedia seems to be holding up well, despite its strength in Internet poker software. Online gambling stocks like GigaMedia, Cryptologic (NASDAQ:CRYP), and Optimal Group (NASDAQ:OPMR) took a hit in the fall, when the Unlawful Internet Gambling Enforcement Act of 2006 made waves domestically.

The move has certainly left a mark on the industry. However, if you can set aside a little patriotic fervor for a moment, you will find that we live in a wide, wide world after all. GigaMedia's vertical poker portal accounted for 43% of the company's revenue this past quarter, and it's growing a lot faster than the rest of the company. With 90,000 cash-depositing accounts -- and growing -- don't be so quick to bury the global power of online gambling.

GigaMedia's healthy report should not be seen as a bellwether for YouBet.com's (NASDAQ:UBET) report tonight. They are entirely different critters, with YouBet's bread and butter being pari-mutuel horse racing, licensed and closer to home.

As for GigaMedia, you can expect more wheels and deals in the near term. It acquired a controlling interest in China's online sports game leader, T2CN, back in January. That came a month after investing in Infocomm and securing the rights to license Hellgate: London in Taiwan, Hong Kong, and Macau.

In December, the company also cashed in on the popularity of its FunTown casual gaming portal by striking a licensing deal with Yahoo! (NASDAQ:YHOO) in Taiwan. Like a good poker player, GigaMedia always seems to keep its options open. It's now trading at less than 25 times trailing earnings despite its explosive growth. Maybe investors should keep their options open, too.

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Longtime Fool contributor Rick Munarriz isn't an online gaming junkie, though he has seen time fly on some sites in the past. He does not own shares in any of the companies mentioned in this story. Rick is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.