Despite disappointing earnings, Flutter maintains its position as the leader in sports betting through FanDuel.

• Flutter, the parent company of FanDuel, is claiming that it is the market leader in sports betting in the United States.
• DraftKings last week claimed the top spot in the market.
• Flutter shares plummeted after the company reported disappointing third-quarter results.

The parent company of FanDuel asserted its dominance in the US sports betting market on Thursday, claiming it is the leader after surpassing the previous market leader last week.

Peter Jackson, Flutter CEO, stated in an interview with CNBC that the company has a billion dollars more in revenue in the U.S., making them clearly the number one.

Despite projecting confidence in the company's market position, FanDuel's revenues did not meet Wall Street expectations in the third quarter. In the U.S., the company's revenue grew by 20% year over year to $820 million, and average monthly players grew by 38%.

The company's shares plummeted after reporting disappointing third-quarter results, which it attributed to a streak of customer wins in September and October, foreign currency headwinds, a slowdown in Australia, and tax changes in India.

The company did not provide earnings results but confirmed its full-year adjusted EBITDA guidance of $180 million in the U.S.

In contrast to its previous earnings report, the company issued improved guidance in its third quarter earnings report last week. It predicted full-year adjusted EBITDA losses of $95 million to $115 million and revenue of $3.67 billion to $3.72 billion.

During a conference call with analysts and investors, Flutter's CEO Jackson expressed his belief that the metric used to determine market leadership should be changed. He argued that net gaming revenue, rather than gross gaming revenue, should be the more significant indicator of market dominance. According to him, FanDuel currently holds the top spot with a 47% market share, while DraftKings follows closely behind.

FanDuel is the fastest-growing brand in the online gaming industry in the U.S., with a 52% increase in gaming revenue year over year.

DraftKings has gained the top spot due to the profitability of igaming, which is also contributing to its success in online casino play.

Jason Robins, CEO of DraftKings, claimed the company's market position on his earnings call and in an interview with Jim Cramer on CNBC's "Mad Money." Robins expressed pride in the company's position but emphasized the importance of continuing to build on the momentum generated.

In August, Eilers & Krejcik, a research and consulting firm in the gaming industry, reported that DraftKings surpassed FanDuel as the leader in online betting, which combines iGaming and online sports betting, but does not include retail sports wagering.

Separately, gambling results are traditionally categorized as sports betting (online and retail) and iGaming.

The Eilers & Krejcik research report was published before all states reported their gaming figures. Since August is typically a slower sports month, iGaming results would account for a larger percentage of the total.

DraftKings has been the number one online gaming platform for years, and CEO Bill Hornbuckle acknowledged this during an earnings call on Wednesday. However, he also stated that they will continue to protect their position and maintain their dominance in the industry.