‘Squid Game Season 3’ finale explained: what happens to Gi-hun, the leader and who is the winner
The Netflix series has ended, so it’s time to review the most important moments of the plot and analyze the keys to its ending.

It was the most anticipated premiere of the summer; season 3 of ‘Squid Game’ is now available on Netflix, and viewers who have already seen it share their theories about the outcome and everything that has led to the final stretch of a real heart attack. As it could not be otherwise, in MeriStation we have already seen it, and after letting it rest for a few hours, here we go with an explanation of the end along with the most important details to understand both the story and its outcome.
- Note: The following lines include spoilers for the entire series. You should not read them if you have not yet seen it to the end.
“We are not horses. We are human beings.”
With these words, Seong Gi-hun looks defiantly at the glass behind which both the VIPs and the leader of the games hide. Throughout the series, the VIPs gamble during the games as if it were a horse race, a concept represented by wooden horse figures that fall into the void when a participant dies in each trial. With those words, Gi-hun suggests that the world is a better place when human beings help each other, at which point he confirms it with his last act, which is none other than committing suicide to save Jun-hee’s baby.

Who is the winner of the games?
After Gi-hun’s ‘defeat,’ the winner is the last survivor: player 222. The little girl is left in the hands of the leader (Hwang In-ho), and it is implied that he will take care of her, probably moved by the last words—and sacrifice—of Gi-hun, who did his best to protect her until the end and give her a life in exchange for his own. In-ho leaves with her before the island explodes, as his brother, Ha-joon, lets him escape despite having a shot at him, just as In-ho did with him in the past, since he spared his life instead of killing him.
A gift for Gi-hun’s daughter, Player 456
Moments before the last scene, the leader (In-ho) knocks on the door of the house where Gi-hun’s daughter Ga-yeong currently lives. The teenager, hurt from living with the thought that her father abandoned her, receives the news of Gi-hun’s death along with a box that includes the bloodied sweatshirt of her father, the 456th player, and a golden credit card in his name, with which she can dispose of the 45.6 billion prize money that In-ho decides to reject. One more detail suggests that the main villain of ‘Squid Game’ has changed after hearing Gi-hun’s last words, being forgiven by his brother, and being willing to raise the baby.

The final scene of ‘Squid Game Season 3’
When everything is resolved and we can say that the ending is satisfactory, a brief final scene turns everything upside down, so it’s no wonder that many viewers are already talking about a hypothetical season 4 of ‘Squid Game’ in the future. A scene in which the leader lowers the window of his car after stopping at a traffic light and watches as a new recruiter, played by actress Cate Blanchett, plays dakji with a possible participant of the next edition of the games. To make matters worse, both she and the leader look at each other in a gesture of complicity, implying that they have known each other for a long time and that the organization of the next edition of the games is not something improvised at the last minute... This is disconcerting, as it clashes with the previous moments in which it is implied that In-ho has changed and has decided to lead an ordinary life, trying to do good and help others.
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