What is the conclusion of 'Squid Game'? Who emerges victorious in the last game, what happens to Player 456, and other details explained
Desk Report : 28 June 2025
Jhon Dee
After three seasons, countless deaths, and an immense amount of Korean wons exchanged, "Squid Game" has officially released its concluding episodes on Netflix.
Initially, there were no plans for a second season of the series, but "Squid Game" transformed into a global sensation with hundreds of millions of viewers.
In Season 1, audiences were introduced to the Korean series featuring a hidden game show taking place on a secluded island, benefiting a select group of affluent, masked VIPs, with only one victor allowed to claim the grand prize.
The subsequent Seasons 2 and 3 saw that winner (Lee Jung-jae, known for portraying Seong Gi-hun, also referred to as Player 456) return to the competition, exploring the lives of the armed guards in pink suits and a determined detective intent on dismantling the entire operation.
With the final game (or so we are led to believe) now completed, who emerged victorious? Who faced defeat? Let’s examine what we’ve learned. However, caution is advised — things take a dark turn in this "Game."
Warning: Spoilers for the entirety of "Squid Game" follow.
Does Player 456 meet his demise in "Squid Game"? An explanation of Seong Gi-hun's fate.
Gi-hun endures many hardships throughout Seasons 2 and 3. He reenters the game with the intention of undermining it, believing that his past experiences could inspire a rebellion among participants. However, it becomes clear that within the game — as often seen in reality — players tend to prioritize their own self-interest over the greater good, a harsh metaphor.
Disillusioned by humanity following several of the games, Gi-hun attempts to minimize his involvement as much as possible — until an opportunity arises for him to protect a baby during the competition. The baby is assigned the number of her deceased mother (Jo Yuri, who played Kim Jun-hee, also known as Player 222) and is allowed to join in her place.
In the final game round, Gi-hun and the baby reach the last stage. They confront numerous final contestants in a challenge that involved pushing players from the tops of several high towers. Ultimately, Gi-hun, the baby, and Player 333 (Yim Si-wan’s character Lee Myung-gi, the baby’s father) are the sole players remaining on the tower. The rules stipulated that one individual must die atop the tower for the game to conclude, but that death must occur after a button on the tower is pressed. Gi-hun and Myung-gi engage in a struggle — and Myung-gi plummets from the tower.
Sadly, the button had not been pushed before his fall, meaning time had not started, and his death didn’t count. A fatality was still essential to conclude the game. The VIPs watching from their secure booth anticipated Gi-hun would choose to sacrifice the infant — but they underestimated his character. The show suggested that there is no true victory in Squid Game; the significant amount of money didn’t substantially improve Gi-hun’s life. Therefore, Gi-hun kisses the baby, sets her down, and faces the camera to declare, “We are not horses. We are humans.” He then leaps from the tower and dies.
This ending is both bittersweet and profound — answering the question posed by the Front Man to Gi-hun in Season 3: “Do you still have faith in people?”
By refusing to sacrifice an innocent baby, Gi-hun provides his final answer.
So, who is the winner of "Squid Game" in Season 3?
Player 222, the infant.
What about the detective, Jun-ho, who has been probing the Squid Game?
Hwang Jun-ho (played by Wi Ha-joon) arrives too late to rescue Gi-hun, but he manages to alert the Korean Coast Guard to the island.
Jun-ho successfully saves the escaped Player 246 (Park Gyeong-seok, portrayed by Lee Jin-wook), whose daughter is being treated for leukemia in a hospital
Jun-ho arrives on the island in search of his brother, In-ho (also known as Front Man, portrayed by Lee Byung-hun), and reaches the VIP chamber just as In-ho is retrieving Player 222, the infant, from the peak of the last tower.
Jun-ho contemplates shooting his brother but hesitates, worried about harming the baby. Six months following the conclusion of the game, Jun-ho discovers the baby and the prize money left behind for him, likely by In-ho.
Does the pink-suited guard No-eul make it out alive?
Kang No-eul (also referred to as Guard 011, played by Park Gyuyoung) had lost her own daughter and developed a connection with Player 246’s child before becoming a guard on the island.
However, upon learning about the organ-harvesting scheme involving the guards and deceased players, she escalates her attempts to assist Player 246 in escaping.
She eliminates all traces of what he had witnessed on the island and is prepared to take her own life in the Front Man’s office upon witnessing Gi-hun’s act of sacrifice. Hearing the baby, she chooses not to commit suicide.
Six months later, she visits Player 246 at the amusement park where he still works and where she had formerly donned a costume. He remains oblivious that she was the one who spared his life, as she had her pink suit and mask throughout their time together. She reunites with Player 246’s daughter, who is now healthy.
But there’s a twist: No-eul, a defector from North Korea who had been separated from her daughter, receives news that the child may still be alive in China. The last we see of No-eul is at the airport, poised to board a flight, possibly to see her daughter.
If that seems reminiscent, it’s similar to how Season 1 concluded, with Gi-hun preparing to visit his own daughter in Los Angeles.
Does Gi-hun survive?
In a way, yes. When we are first introduced to Gi-hun in Season 1, part of his motivation to join the game is to provide for his daughter. However, after winning, he becomes fixated on bringing an end to the game.
With Gi-hun deceased, In-ho (the Front Man) undertakes the journey Gi-hun never made: He travels to the U.S. to meet the late player’s daughter. He gives her a box containing Gi-hun’s items—a bloodied uniform and a debit card, likely holding the remainder of Gi-hun’s winnings. Has In-ho shifted his viewpoint on the value of humanity? It appears he is preparing to do so.
Will ‘Squid Game’ continue?
Based on the closing scenes, we suspect there will be more.
In the final moments, after In-ho delivers the winnings to Gi-hun’s daughter, he notices a woman engaged in the introductory card-slap game with someone in an alley. And it’s not just anyone—he recognizes a Recruiter, played by Cate Blanchett! They do not exchange words, but she acknowledges him with a nod before he moves on.
Season 1 made it clear that Squid Games are held globally, and Deadline reported last year that a version of the series in English was in the works, with director David Fincher leading the project. Perhaps we have just witnessed the opening scene of “Squid Game: USA.”
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