Update 2025-06-29 (PST) (AI summary of creator comment): The market will not resolve to Player 222 (Kim Jun-hee). The creator is still deciding on the final resolution but has stated it will be one of three possibilities:
A 50/50 partial resolution
A 75/25 partial resolution
A resolution to an answer titled 'other'
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@Sketchy But ‘other’ would completely ignore that the game’s UI displays the mother as the participant when she is resurrected (as agreed between the Front Man and the VIPs). While that’s just a formality, the Squid Game takes formalities extremely seriously. It encourages everyone to think deeply about them and, on numerous occasions, uses these formalities to decide life and death. Doesn’t it feel wrong to completely stop caring about them when deciding the winner?
I've bet on both options immediately after watching the show, so I'm at least under the illusion that I'm not biased.
@traders Update from my side: I will not resolve the market for Player 222 (Kim Jun-hee). After reading all the comments, my opinion remains unchanged: it's simply a fact that Kim Jun-hee did not win directly. I'm still considering whether to resolve it 50/50 or 75/25 (for other). There are good arguments for the other side as well. The VIPs said she is back from the dead through her daughter. However, it's still her daughter who continues playing. But since she lives on through her daughter and, in a way, wins with her, that speaks in favor of a 75/25 resolution for me. 50/50 would also be an option, since in the end Kim Jun-hee was shown as the last person on the floor. Also a reason for 50/50 is that Player 222 actually won but the name was wrong. The biggest argument for me is that Tudum says: 'Instead, the winner of Squid Game is Jun-hee’s (Jo Yuri) baby, who is born in Episode 2. As I said, I’m still not sure how I’ll resolve it later, but it will be one of the three options: ‘other’, 50/50, or 75/25.
@sahaj Yes, after the market closes (in about 8 hours from now), I will make my decision and resolve it.
@Base I'd say the 50/50 resolution is the fairest. Kim Jun-hee is the de jure (formal) winner, and her daughter is the de facto winner. Given that Squid Game is really big on formalities, the 50/50 split seems most suitable to account for the ambiguity. It will also be the least annoying outcome for the people who argue that the resolution is Player 222 (Kim Jun-hee) simply because of the number match.
Instead, the winner of Squid Game is Jun-hee’s (Jo Yuri) baby, who is born in Episode 2.
https://www.netflix.com/tudum/articles/squid-game-season-3-ending-explained#:~:text=None%20of%20the%20original%20Squid,is%20born%20in%20Episode%202.
@Lorelai Player 222 won, yeah. But the option isn't Player 222, it's Player 222 (Kim-Jun-hee). Kim-Jun-hee didn't win, that's just a fact.
@Lorelai That is a terribly weak argument. Market options are suppose to be precise. There are two people who have the same Player number, Kim-Jun-hee, and Kim Jun-hee's baby, Jo Juri.
Player 222 (Kim Jun-hee) is specifically identifying a Kim Jun-hee. If the market intended to ask "Did any Player 222 win?, the option would simply be Yes. The inclusion of the name is a core part of the answer.
The show ITSELF also creates a clear narrative distinction b/w Kim Jun-hee and the baby. The baby is explicitly assigned her number to continue the game.
Resolving Player 222 (Kim Jun-hee) to Yes would be factually incorrect. Kim Jun-hee died, we saw her die.
@SquidGamesFan I respectfully disagree to your claim. There was two different players who used the number 222, Jun-hee and her daughter. We saw Jun-hee die in the bridge. And the frontman came up with the idea of giving Jun-hee's spot to the baby to keep the VIPs entertained. The fact that they both played under the same number doesn't mean that they are the same player. I understand your viewpoint, but I don't share it.
@JMFS If you watch carefully, you see that during the debate in Episode 4, only one VIP clearly expresses the opinion that the baby is an independent participant. At the end of the debate, he changes his opinion, considering the mother to be "back from the dead" (see screenshot in my comment below). The mother being considered alive for the purposes of the game is the only way to make it work.
The game does not allow for underage participants, because it requires consent over and over again. That's why you never see any kids taking part in the game. Only adults are capable of giving that consent. If the Front Man had reached an agreement with the VIPs that the baby is an independent participant, he'd have had to let her go, because she did not, and could not, consent to taking part in the game. And if she's not an independent participant, she can't be the winner. Her mother Kim Jun-hee gets the win posthumously. The baby merely inherits the prize money.
@SquidGamesFan That is unequivocally false. Player 222 won, yes, but the option specifically mentions Kim-Jun-hee. That isn't "additional information", that is a core part of the option. Kim-Jun-hee didn't win, that's just a fact. Therefore the obvious answer would be resolving to Other (Player 222 - Kim-Jun-Hee's baby).
@ChaosIsALadder Hypothetically if I were to accept your logic, the VIPs and the Front Man did allow the baby to continue as Player 222, even if this was with odds with their own rules. The show explicitly showed the baby remaining in the game and being the one for whom Gi-hun sacrificed herself in the final moments.
The market specifically asks whether Player 222 (Kim-Jun-hee) won. She did not win, we saw her die. It is purely a matter of fact that she did not win.
For the purpose of this market based on the explicit events of the show, Player 222 (Kim-Jun-hee's Baby) was the one that 'won' the game, in the context of how the show is set out and how the game's organized declared it.
Netflix directly mentions: "Instead, the winner of Squid Game is Jun-hee’s (Jo Yuri) baby, who is born in Episode 2. " That statement (direct from Netflix), should be sufficient for the resolution of the market to Other.
https://www.netflix.com/tudum/articles/squid-game-season-3-ending-explained#:~:text=None%20of%20the%20original%20Squid,is%20born%20in%20Episode%202.
Forbes: Player 222, Jun-hee’s baby, is declared the winner of Squid Game following Gi-hun’s death.
Kim Jun-hee is the formal winner. When Player 222 was resurrected (Episode 4, around the 18:00 mark), the icon shown was Kim Jun-hee’s, not the baby’s. The VIPs and the Front Man chose the minimal extension to the rules to allow the baby to continue, which necessarily required the mother to still be considered a participant. They could have tried instead changing the rules to allow the baby to be a participant, but as I argued above, that would not only have been massively more complicated but also inconsistent.
There’s no question that the baby is the ultimate winner of the game. That’s what Netflix and Forbes are saying. But she’s not the direct winner according to the rules decided by the VIPs and the Front Man, which should be binding for this market. I also don’t see any contradiction between Kim Jun-hee being factually dead and still being the winner. The only reason to exclude dead participants from winning is that they usually aren’t able to compete anymore. Kim Jun-hee was still able to be in the race due to the special circumstances.