I mean generally speaking derivatives can be used as insurance or for speculation, and a wide gradient of gray in between.

By contrast, sports gambling is well, gambling. And importantly as we've seen in a lot of reports - the big online sports books essentially freeze out anyone who is good so that they are collecting revenue primarily from the.. innumerate.

Of course you also have some markets like India without legal gambling and oversized derivatives markets that are unfortunately serving as a replacement.

I'd also point out that you don't see the sort of degenerate nonstop advertising for options punting that you see for sports gambling. "Thanks for tuning into the ESPN FanDuel pregame show at the Caesars Superdome / and don't forget to stop by the DraftKings Sportsbook lounge." Followed by a barrage of other gambling ads in between plays.