A fools game? Looks like there are successfully cases.
May be it will work when the time value is minimum. The following may be good occasion to bet on it:
- Buy on option expiring date
- Cash settled option save the assignment worries
- Low volatility percentile
- Just break resistant/support
Check SPX/RUT price pattern on expiration day, try to identify a strangle range to bet for jackpot. e.g. Buy 10 points OTM call and put of SPX at 10AM on expiration date, let it expire.