A popular Reddit theory suggests that No-eul (Player 222), the pregnant woman, might escape with her baby. It’s a powerful symbol of new life amidst death. If she wins, it’s not just a victory—it’s a rejection of the game’s nihilism.
Another fan-favorite ending: Gi-hun sacrifices himself to save the remaining players, but the Front Man is forced to admit defeat. The VIPs are exposed, and the island is destroyed. The final shot? A child playing red light, green light in a normal park—free from the game’s shadow.
Or, the darkest option: no one wins the money. The game continues in a new location, with new players, and Gi-hun becomes the new Front Man out of exhaustion. It’s a bleak but plausible commentary on how cycles of violence repeat without conscious intervention.
How to Bet on Your Favorite
If you’re planning a friendly office pool, put your money on Gi-hun with a side bet on Jung-bae. They’re the emotional heart of the story. Avoid betting on the VIPs—they’re rich, but in this universe, money doesn’t buy a happy ending.
Fun fact: The actor for Gi-hun, Lee Jung-jae, has said in interviews that he pushed for a “hopeful” ending. That’s a strong clue. But remember: hope in Squid Game often looks like a tragedy wrapped in a tracksuit.
In Korean media, the archetype of the “trickster hero” often wins by outsmarting the system, not by fighting it. Think of Gi-hun’s clever use of the red light during the marble game. He’s not physically strong—he’s emotionally intelligent. That’s his real weapon.
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