For the second straight month, total handle on U.S. thoroughbred races in February declined despite a gain in the number of races held, according to figures released by Equibase on Monday, a trend that is signaling a decline in demand for betting on horse races nationwide.

The February drop of 5.2 percent came on the heels of a 7.2 percent decline in January, even though U.S. racetracks held more races in the first two months of the year compared to the first two months of 2022. Handle began stagnating on U.S. horse races late in 2022, after several years of surprising growth during the pandemic, especially when considering the average amount of wagering per race.