PointsBet says it has called off buyout discussions with News Corp-backed wagering group Betr, with the company’s managing director, Sam Swanell, confirming it was in discussions with online bookmakers in North America about a potential deal.

In its latest Q3 resultswagering was down 30 per cent to $1.3 billion for the three months to March 31, compared with the same period last year. PointsBet had negative cash flow of $88 million for the quarter, but is sitting on more than $251 million of cash reserves.

Mr Swanell said PointsBet was also in discussions with parties in Australia about a sale, adding negotiations in the US were “well advanced”.

“We’ve got businesses in North America and businesses in Australia today that are doing well,” he said. “We think they are very valuable businesses in their respective markets.