Who Wins Squid Game? Squid Game Winner Revealed

Few television phenomena have captured global attention as rapidly and powerfully as Netflix’s “Squid Game.” Premiering in 2021, this South Korean survival drama became an international sensation almost overnight, topping streaming charts in over 90 countries. Its blend of brutal competition, social commentary, and striking visuals transformed it from a Netflix gamble to a cultural touchpoint, prompting discourse across social media, academia, and industry circles.

The central mystery driving much of the show’s appeal centers on the ultimate winner of the deadly competition—a question that has fueled extensive theories, debates, and spoiler warnings. Understanding who wins “Squid Game” is as much about appreciating narrative craftsmanship as it is about the show’s critique of modern society.

Breaking Down the Journey: Key Figures in Squid Game

The Core Contestants and Their Stakes

At the heart of “Squid Game” lies a desperate struggle for survival among 456 financially distressed participants. These players, lured by the promise of a life-changing cash prize, must endure a series of deadly children’s games while forging—then betraying—fragile alliances. The characters’ varied backgrounds, motivations, and moral compasses add tension and depth to their choices in the game.

Key figures who emerge as central to the narrative include:

• Seong Gi-hun (Player 456): The debt-ridden protagonist whose empathy often puts him at risk.
• Cho Sang-woo (Player 218): A former investment banker and Gi-hun’s childhood friend, whose pragmatism turns ruthless.
• Kang Sae-byeok (Player 067): A North Korean defector fighting for her family’s future.
• Oh Il-nam (Player 001): An elderly man whose vulnerability is later revealed as part of a larger twist.

Each character’s trajectory is shaped by personal history and the escalating brutality of each round. In practice, the moral quandaries that arise often mirror the economic pressures outside the arena, yielding both gripping drama and poignant social commentary.

Who Wins Squid Game? The Answer, Revealed

Gi-hun’s Path to Victory

By the final episode, it is Seong Gi-hun—Player 456—who survives and claims the ₩45.6 billion prize. This outcome is far from straightforward. Gi-hun’s triumph is laced with trauma and emotional scars, reflecting the grim cost of survival in the competition’s zero-sum calculus.

Gi-hun’s win is marked by several pivotal moments:

• Moral Dilemmas: Throughout the games, Gi-hun’s humanity is repeatedly tested. He forms bonds with fellow contestants, notably Sae-byeok and Il-nam, and often hesitates to betray others, despite the clear incentives.
• Final Game: The last round—a violent, high-stakes twist on the traditional Korean children’s “Squid Game”—pits Gi-hun against Sang-woo. In one of the series’ most intense sequences, Gi-hun ultimately refuses to kill his friend, offering to forfeit; this leads to Sang-woo’s tragic suicide.
• Aftermath: Gi-hun emerges victorious, but he is visibly haunted by the experience, suffering from guilt and struggling to enjoy his newfound wealth.

“Gi-hun’s victory is deeply ironic—a moral win overshadowed by profound personal loss. In many ways, ‘Squid Game’ uses his journey to comment on how, in a hyper-competitive society, survival often comes at the expense of one’s empathy and innocence.”
— Dr. Kim Jae-wook, Cultural Sociologist

The True Cost of Winning

Despite winning, Gi-hun’s experience suggests there are no real victors—only survivors. His post-game isolation, PTSD-like symptoms, and quest for justice against the secretive organizers highlight the hollowness of material gain in the face of deep psychological damage. Many viewers and critics have noted that “Squid Game” intentionally subverts the traditional “winner takes all” narrative, using Gi-hun’s fate to evoke questions about wealth, ethics, and the human toll of societal inequality.

Real-World Resonance: Why Gi-hun’s Win Matters

Social Reflection Through Fiction

“Squid Game”’s global resonance is rooted in its ability to universalize the desperation and hope of its characters. The show’s winner is not simply a beneficiary of luck or cunning; Gi-hun’s journey reflects deeper, real-world frustrations with debt, social immobility, and extreme economic divides.

Recent studies on television trends show that audiences are increasingly drawn to narratives featuring underdogs and flawed protagonists, especially those who grapple with moral ambiguity. “Squid Game” stands out for pushing these themes to their limits, challenging viewers’ assumptions about justice and redemption.

Cultural Aftershocks and Industry Impact

Beyond the screen, “Squid Game” has spurred:

• Memes and Social Media Discourse: The revelation of the winner fueled countless viral conversations and analysis videos.
• Merchandise and Branding: From Halloween costumes to international themed events, the imagery of “Squid Game” and its victor became instantly recognizable.
• Influence on Subsequent Content: Streaming services, noting its success, have begun developing similar high-stakes, critique-heavy narratives.

Squid Game’s Narrative Choice: What Sets Gi-hun Apart

Not Just a Victor, But a Voice

Gi-hun’s emotional complexity elevates him above the archetypal “game show” winner. His reluctance to spend his prize money, his enduring trauma, and his decision to confront the game’s masterminds all serve to humanize him and position him as more than a passive survivor.

“Gi-hun refuses to simply claim his reward and move on. Instead, his arc embodies resistance and a yearning for structural change—a characteristic that sets ‘Squid Game’ apart from most dystopian dramas.”

— Professor Sarah Lim, East Asian Media Studies

Foreshadowing and the Road Ahead

The show’s final moments hint at a broader reckoning. Gi-hun, now determined to bring down the organization, gestures toward a possible continuation—one where survival means finding, and fighting for, a higher purpose. This open-endedness has only deepened fan engagement and anticipation for future seasons.

Conclusion: The Winner—and the Lessons—of Squid Game

Seong Gi-hun’s win in “Squid Game” is both a climax and a caution. His journey from desperate father to unlikely victor lays bare the costs of competition in an unequal world. While the cash prize is a literal trophy, the real spoils—humanity, hope, and justice—prove far more elusive.

Squid Game’s narrative forces audiences to ask: What is the true price of victory, and who really wins when the system is rigged from the start? For Gi-hun, and for viewers, the answer lingers beyond the closing credits.

FAQs

Who wins Squid Game in the Netflix series?
Seong Gi-hun, also known as Player 456, emerges as the sole survivor and winner of the competition.

What happens to Gi-hun after he wins?
After winning the prize, Gi-hun struggles with trauma and guilt, finding it difficult to use the money or return to normal life.

Was the winner decided by skill or luck?
Gi-hun’s victory is a combination of luck, empathy, and quick thinking, but also comes at great emotional cost.

Does Gi-hun expose the Squid Game organization?
While Gi-hun initially tries to move on, he ultimately chooses to seek justice and confront those behind the deadly games.

Do any other contestants survive or benefit?
None of the other main characters survive the final game. The show highlights the grim reality that, in this competition, there can be only one winner.

Will there be a sequel or continuation?
Netflix has confirmed plans for additional seasons, with Gi-hun’s ongoing journey likely to be a central focus.