If you only count platforming, than, yes.
However, if we take in account all the material that has been derived, kart, Luigi's mansion, Yoshi, hell, donkey-kong could be included, then Mario still remains the largest franchise on dedicated gaming consoles.
Bet with PeH:
I win if Arms sells over 700 000 units worldwide by the end of 2017.
Bet with WagnerPaiva:
I win if Emmanuel Macron wins the french presidential election May 7th 2017.