I know that the figure commonly bandied around is that 80 to 90...

I know that the figure commonly bandied around is that 80 to 90 percent of options expire worthless, but to quote from the ASX site;

" Is it true that most options expire worthless?
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No, this is not true. Around 55% of options are closed out before expiry, around 15% are exercised, and around 30% expire worthless.

It is also important to understand that if an options trade is part of a strategy involving stock or other options, the best result for the trader sometimes is for the option to expire worthless. For example, when a put option is bought to protect a physical stock holding, the best result for the investor is for the stock to increase in price, in which case the put option may well expire worthless. The option trade should always be considered in the context of the overall strategy."