What happened during the ending of Netflix’s survival drama Squid Game? Who won the final game, who was behind the game, and what does it all mean?

Netflix's Korean drama series Squid Game had a twisty ending; here's what it all means explained. Echoing the familiar themes of other critically-acclaimed survival thriller-dramas such as The Hunger Games, Battle Royale, and the Saw movies, Squid Game may subvert American audiences’ typical expectations of K-drama. Shortly after its release, Squid Game became the most-watched Netflix release in the U.S.

The series follows the life of Seong Gi-hun (Lee Jung-jae), a divorced chauffeur and down-on-his-luck gambler who joins the Squid Game in hopes of winning billions of Korean won, which would give him the leverage to fight for custody of his daughter. Gi-hun is joined by hundreds of other desperate individuals who, like him, are also extremely in debt. Throughout the nine-episode series, viewers are acquainted with many of the players’ backstories, shows hundreds of players dying violently, and confronts viewers with the stark realities of wealth inequality.

Indeed, the final episodes of Squid Game make it clear that VIPs are betting on the players. Meanwhile, Gi-hun overpowers his childhood friend Cho Sang-woo (Park Hae-soo of the Korean adaptation of the Netflix drama Money Heist) during a round of the titular Squid Game, winning the grand prize of 45.6 billion won (approximately $38 million USD). It’s also revealed that Oh Il-nam (Oh Young-soo), the seemingly helpless old player, is actually one of the billionaire founders of the Squid Game. Although the ending of Squid Game reveals both the final winner as well as the person pulling the strings, it also leaves viewers with several unanswered questions.

Click here to watch Squid Game: Ending Explained And Season 2 Theories at YouTube.

Is Hwang Jun-Ho Still Alive?

After successfully infiltrating the operations behind the Squid Game, police officer Hwang Jun-ho (Wi Ha-joon) collected tons of evidence and seems to have successfully sent them back to his colleagues in Seoul. In his attempt to escape the island where the games are held, Jun-ho falls into the ocean after getting shot by The Front Man (Lee Byung-hun), who turns out to be his missing brother In-ho, effectively ending Jun-ho’s neo-noir story arc in Squid Game. But is he really dead? In-ho shot Jun-ho in the shoulder, which isn’t exactly fatal. And while the police officer falls off a cliff, his body ends up in the sea. The final scenes revealing that the next Squid Game is underway suggests that not only is Jun-ho dead, but that his evidence never made it back to the police. However, considering how rich and powerful the people behind the Squid Game were revealed to be, it is just as likely for Jun-ho to still be alive, and that the evidence he collected was merely swept under the rug.

Was Oh Il-Nam In Any Real Danger?

The short answer to this question is yes. But the long answer is not really. Had Il-nam failed and not been eliminated, it would’ve thrown a wrench in the supposed impartiality of the games. Much like the other members of Squid Game’s cast of characters, Il-nam had to be eliminated after failure, which would maintain the illusion that he’s an ordinary player. However, the rich and resourceful Il-nam was fully aware of this risk – as well as the games that were going to be played. This is why he never flinched during the first game of red light, green light, picked the right shape in the sugar honeycomb game, had the perfect strategy for tug-of-war, and almost won the marble game. Il-nam is proof that Squid Game was never about fairness, as The Front Man claimed. And even if Il-nam did die in the games, it would’ve been in accordance with his final wish to have fun and feel something before he dies.

What’s The Meaning Of Seong Gi-Hun and Oh Il-Nam’s Last Bet?

The scene that reveals Il-nam’s true identity is not only one of the best twists in recent K-drama history, it also sets up the most crucial conversation in the dystopian drama. A year after the final game, Gi-hun is summoned by Il-nam using Squid Game’s signature cards. On his deathbed, Il-nam convinces Gi-hun to agree to one final bet. Looking down from the upper floor of a tower in Seoul, the two see a drunk, homeless man lying in the street in the cold of winter. The man will clearly die of frostbite if no one comes to get him soon. Il-nam bets Gi-hun that no one will help the man by the time midnight strikes. Gi-hun agrees to bet that someone will help – but only on the condition that Il-nam answers his questions. Although Gi-hun dismisses the bet as nonsense, it’s the perfect metaphor to punctuate their succeeding conversation about what Squid Game really means.

Gi-hun, who shares similarities with Adam Sandler’s Howard Ratner from Uncut Gems, asks Il-nam who he really is, why he started Squid Game, and why he joined. Il-nam explains that when he and his fellow billionaires got bored with life, they created Squid Game to have fun and have something worthwhile to bet on, which is also why he joined the games. In short, Il-nam’s perspective shows how the morality of the rich is often driven by ego alone. In contrast, Gi-hun has hardly touched the money he won from Squid Game out of guilt for participating – even if he practically had no choice but to join. As for their final bet, Gi-hun ends up being right, as someone eventually helps the drunk man. However, Il-nam succumbs to his brain tumor and dies before finding out that Gi-hun won their last bet, ensuring that the lesson falls on dead ears.

The Final Scene & Sequel Tease

The Salesman (Gong Yoo of Train to Busan) makes another appearance as Gi-hun alights a train on his way to the airport to see his daughter in the U.S. While Gi-hun fails to catch The Salesman, he confronts the person that The Salesman recruited for the game, telling him not to join and taking his Squid Game card. As he is about to board the plane, Gi-hun calls the number on the card, exchanges threats with the person on the other side, and turns around from his flight. This hints at a possible sequel, as Gi-hun seems determined to put a stop to the next Squid Game.

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