Not necessarily - if you're a hedge fund and you think you have an algorithm that can predict gains just a tiny bit better than the call option's seller, then 9

Not necessarily - if you're a hedge fund and you think you have an algorithm that can predict gains just a tiny bit better than the call option's seller, then 99 times out of 100 you lose $x but that last 1 in 100 you might gain $x*150, and on average make money.