Exploring the BDSM Themes in Billions: Power, Control, and Psychological Play

The Showtime series Billions, known for its intense exploration of wealth, power, and politics, also delves into the intricacies of human psychology, with BDSM playing a surprisingly prominent role in the show’s narrative. BDSM, or Bondage, Discipline, Dominance, Submission, Sadism, and Masochism, is often seen as a controversial and niche practice, but Billions uses it as a tool to examine control, dominance, and the complex relationships between its characters. In particular, the show’s portrayal of BDSM offers an intriguing lens through which to explore themes of authority, vulnerability, and identity, all of which are central to the show’s plotlines.
The Power Dynamic: Bobby Axelrod and Wendy Rhoades
At the heart of Billions’ BDSM elements is the relationship between Bobby “Axe” Axelrod (played by Damian Lewis), a ruthless hedge fund billionaire, and Wendy Rhoades (played by Maggie Siff), a psychiatrist and performance coach. While Wendy is married to Chuck Rhoades, the U.S. Attorney who is trying to bring down Axe, her dynamic with Axe transcends the professional realm and enters deeply personal territory, rooted in power exchange.
Wendy’s role as a therapist and performance coach for high-powered men already places her in a position of control, but her relationship with Axe takes on a more visceral, physical form through BDSM. In several key moments throughout the show, Wendy and Axe engage in acts that draw on dominant/submissive dynamics, where Wendy assumes a more dominant role, giving her power over Axe in a way that mirrors the psychological and emotional control she exercises in her professional life.
These BDSM interactions are not just about physical pain or pleasure; they are emblematic of the psychological underpinnings of their relationship. For Wendy, these sessions are an expression of control over someone who, outside the bedroom, is notoriously untouchable in the business world. For Axe, submission to Wendy serves as a release — offering him a space to relinquish the overwhelming need to control every aspect of his life.
The Intersection of BDSM and Psychological Manipulation
What makes Billions’ depiction of BDSM so compelling is the way it intertwines with the characters’ psychological motivations. The BDSM scenes in Billions are rarely about the physical act alone; instead, they serve to explore deeper emotional needs and the characters’ struggles for control. Wendy’s expertise as a psychiatrist informs her dominance, while Axe’s submission becomes an emotional release from the pressure of his cutthroat career.
For Axe, the release he seeks in BDSM with Wendy isn’t about self-indulgence but about regaining some semblance of control in a world where he is constantly at war. It’s this complex interplay between emotional need and psychological vulnerability that makes their BDSM scenes stand out — they are a stark contrast to the cutthroat, high-stakes world of finance in which Axe operates.
BDSM as a Reflection of Power Struggles
The power dynamics within BDSM are not simply limited to one-on-one relationships. The show often reflects how power manifests in broader social contexts — whether through the business world, government, or personal relationships. The BDSM acts between Wendy and Axe are a microcosm of the larger power struggles within the show.
In the same way that Axe manipulates the stock market to maintain his dominance, he is willing to submit to Wendy to meet an emotional need. Wendy, on the other hand, uses her skills to dominate and control Axe, reinforcing the psychological and emotional aspects of the power dynamic that exist throughout the series. In this way, BDSM becomes a language of control, where the characters express their vulnerability and need for domination in ways that they cannot in their everyday lives.
The Complexity of Wendy’s Character
Wendy Rhoades is perhaps the most interesting character when it comes to BDSM in Billions. She represents a unique blend of intelligence, control, and vulnerability. While she is clearly in a dominant role in her professional life — working with high-powered individuals and guiding them to maximize their potential — her BDSM sessions with Axe reveal a more personal side of her. She is not just a professional who holds the reins, but a woman who enjoys and even needs to dominate in a personal capacity.
Wendy’s own motivations are layered. She is not simply playing the role of a dominatrix for sexual gratification; she derives power from her ability to control the men in her life, both in and out of the bedroom. BDSM, in this case, serves as a form of psychological and emotional expression, allowing Wendy to navigate and reclaim her power within the context of her complicated relationships with both Axe and Chuck.
BDSM as a Tool for Emotional Release
In addition to serving as a reflection of control, the BDSM scenes in Billions also highlight the emotional release that comes with surrender. Just as Axe finds catharsis in submitting to Wendy, Wendy herself experiences moments of vulnerability in her exchanges with Axe. There are scenes where both characters are exposed, stripped of their usual façades, allowing for a moment of emotional connection.
This idea of release — whether through physical submission or psychological catharsis — is a recurring theme in the show. The characters, particularly Axe and Wendy, constantly deal with pressure, expectation, and the need for emotional control. BDSM provides a way to release that tension, albeit in a highly stylized and emotionally complex manner.
BDSM as a Window into Power, Vulnerability, and Identity
Billions uses BDSM not just for shock value but as an important narrative tool to explore its characters’ psychological depth. The show’s depiction of BDSM highlights the complexities of power, control, and vulnerability in relationships. For Wendy, BDSM is an expression of dominance and control, allowing her to navigate her personal and professional struggles. For Axe, it is a way to relinquish control and confront his vulnerability. Together, these dynamics create an intense and layered portrayal of power dynamics that goes beyond simple physicality.
By weaving BDSM into its storylines, Billions sheds light on how people use control, submission, and dominance in ways that go beyond the surface. The BDSM elements in the show serve as a compelling lens through which to explore the characters’ emotional lives, making it one of the more nuanced and thought-provoking portrayals of BDSM in mainstream television.