What do the 4 letter word dreidel mean?

Dreidels have 4 letters on them but they make up an acronym, not a Word. There are two version of the acronym and they are:

In Israel: Neis, Gadol, Haya, Po - A great miracle happened here.

Outside of Israel: Neis, Gadol, Haya, Sham - A great miracle happened there.