The Retail Options Boom and the Rise of Gambling Culture

Trading for the Thrill

Retail options trading has exploded over the last few years. Platforms like Robinhood and Tastytrade made zero-commission options accessible to everyone, and millions of people now trade them daily. Having worked at Cboe, I have seen how much retail order flow now drives total options volume.

Zero DTE, or same-day expiry contracts, are basically lottery tickets. Traders can multiply their money in an hour or lose it in seconds. It is not about portfolio management anymore; it is about excitement and the possibility of a big win. The stock market has started to feel more like a casino than a financial system.

Finance as Entertainment

Institutions benefit from this rise in retail flow because it adds predictable liquidity and mispricing opportunities. But culturally, something deeper is happening. For many new traders, the market is no longer about building wealth. It is about gambling, identity, and entertainment. Trading has become less about long-term conviction and more about short-term adrenaline.