Challenged by rival DraftKings for supremacy in the U.S. online gaming market, FanDuel ended the final quarter of 2023 with the top ranking in the domestic sports betting marketplace, according to company figures released Thursday.

The metrics provide FanDuel parent Flutter Entertainment plc with momentum heading into this month’s secondary listing of its shares on the New York Stock Exchange. FanDuel ended the quarter with a 51% sports betting market share by net revenue, placing first among all sports betting app operators. On a gross revenue basis, FanDuel maintained a market share of 43%.

The company’s FanDuel Casino brand remained second in iGaming rankings despite attaining modest annual gains. Last fall, Draftkings supplanted FanDuel for top billing in the market in combined iGaming and online sports betting market share.

“In the U.S., FanDuel consolidated its sports leadership position during the peak quarter for sporting activity, while FanDuel Casino went from strength to strength,” said Flutter CEO Peter Jackson in a statement.

The results were blunted somewhat by unfavorable sports results for the operator over the quarter. For the three-month period ending Dec. 31, 2023, customer-friendly sports results had a negative impact of $343 million on gross revenue relative to the company’s expectations. Flutter reported quarterly U.S. net revenue of £1.14 billion ($1.42 billion), approximately £147 million below company guidance.

“While sports results were very customer friendly, particularly on the NFL in November, the underlying momentum in the business remains very strong heading into 2024,” Jackson added.

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Flutter noted that spending on promotions increased by 0.5% on the quarter to 4.2%, in line with the company’s spending levels in 2023. The entry of ESPN BET into the market has raised questions about whether the incumbents will increase promotional spending to protect market share. In August, Jackson described ESPN BET as a formidable competitor hours after the Worldwide Leader In Sports dropped a bombshell by announcing plans to enter the sports betting space in partnership with PENN Entertainment.

While Flutter indicated that it continues to acquire “attractive customers” in an attempt to grow its U.S. business, the company did not see a meaningful increase in promo spending over the previous quarter, said CFO Paul Edgecliffe-Johnson.

For Fiscal Year 2023, Flutter’s U.S. division generated £3.6 billion in revenue, up 38% from the prior year. In assessing player engagement, Flutter remained pleased with its 3.21 million average monthly players, also a 38% increase from 2022.

Flutter’s U.S. segment made up more than 35% of the company’s revenue in 2023, in line with similar trends a year earlier. Flutter did not provide a full-year 2024 guidance on Thursday’s call.

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The company is less than two weeks away from initiating a U.S. secondary listing on Jan. 29. Jackson considers the listing to be a “pivotal moment” for Flutter, as he predicted it will make the company more accessible to U.S. investors and will provide deeper access to capital markets.

Flutter closed on the London Stock Exchange on Thursday at 15,225 pence, up about 15% on the session. Flutter ended 2023 at 13,940, up approximately 23% on the calendar year.