We're reaching the point where the exchanges will start to make more money in options than in cash equities. Stocks are a crowded, competitive business. Options are the opposite - the top 3 exchanges control 85% of the market.
Options were traded OTC and not on a regulated exchange until 1973 when CBOE was founded. There were betting shops for stocks that looked like options, but the modern options market didn't form until the 70s.