Squid Game: When is season three released on Netflix? Season two ending explained - including mid-credit scene

The South Korean drama, which became a cultural phenomenon which the first season was released in 2021, transported Netflix viewers back to the world of the deadly games in which contestants vie for an eyewatering amount of money, but put their life on the line doing so.

The show’s second season dropped on the streaming service on Boxing Day, giving everyone wrapped up in their new Christmas pajamas and under a mountain of chocolate the opportunity to binge the series over the festive period.

Squid Game 2 has proven a hit with viewers with the show smashing Netflix record, with the streaming giant revealing that the new episode have pulled in 68 million viewers and has become the highest viewed Netflix show ever in its first week on the site.

After a nail-biting end to series two, fans are already scrambling to find out how the story ends with the third and final season. Here’s everything we know so far about what has happened, and what’s to come for Squid Game.

Squid Game season two ending explained

Season two of Squid Game saw our protagonist Gi-hun re-enter the games three years after his win, which has haunted him ever since. He chose to go back into the games to take them down from the inside, confident that he could reach the ‘Front Man’, as well as proving that there is still morality in humanity.

After re-entering, he and his fellow contestants take part in a series of deadly games, including ‘Red Light Green Light’ from the first series and a host of new playground-themed challenges. This time, the contestant take a vote after every challenge to decide whether they want to continue the games or not.

Being told that if the majority choses to leave, all of the contestants will share the prize pot up to that point, those who choose to stay are allocated a ‘O’ badge while those wanting to leave are given a ‘X’ badge. In episode six, the vote is deadlocked, with player being told a second vote will take place the next morning.

In the final episode of season two, the players are in disarray after a fatal bathroom brawl broke out in the final moments of episode six, with the ‘O’s claiming that the ‘X’ group were trying to kill off some of the O’s to make the vote go in their favour. Sensing that violence will break out after lights out, Gi-hun convinces players he has been closest to during the game, including (unbeknownst to him) the ‘Front Man’ himself, to hide during the night and wait for the guards to arrive to launch a rebellion.

After playing dead, Gi-hun and the group overpower the guards as they tend to the dead bodies in the dormitory, stealing their guns and forcing a solider to lead them to the control room. In-ho (the Front Man), who has been using a different name in the games as player 001, is part of this group.

The players take part in a shootout with other guards in the stairwells in the way to the control room, while Gi-hun and his friend from the outside world Jung-bae surge toward the control room. The group in the stairwell quickly run out of ammunition, with former Marine Dae-ho being told to go back to the dormitory to retrieve more bullets from the pockets of the dead guards, however he suffers a panic attack and remains unable to leave the dormitory to deliver the ammo.

Hyun-ju, Player 120 and a former special forces sergeant, takes charge and returns to the dormitory to retrieve the ammo herself. As she goes to leave, more guards enter the room and as she prepares to shoot, Geum-ja persuades her not to.

Meanwhile, Gi-hun and Jung-bae engage in a shootout with guard just outside the control room. In-ho decides to proceed towards them with two others of the rebellion group, before turning the gun and them and killing them. He then rejoins the control room, turning up in front of Gi-hun and Jung-bae in his black mask, with them unaware that underneath the mask is Player 001. He shoots and kills Jung-bae in front of Gi-hun and out protagonist is seen in the last shot being dragged away by the guards.

Meanwhile, the former detective Hwang is continuing his mission to find the island. We find out that the person who has been leaking information about the plans (and likely works for the games) is Captain Park after he is caught sabotaging the team’s drone and sends a team member overboard after he catches him in the act.

What happened in the mid-credits scene?

For those who did not turn off after the credits started rolling, there would have been an extra treat. We are given a brief glimpse of the famous ‘Red Light Green Light’ doll Young-hee as three player walk towards a doll. However, in a twist there is a second male doll also present in the arena, which resembles train tracks.

The male doll, known as Cheol-su, had already been teased by the show’s creator Hwang Dong-hyuk, who has said that it will feature in series three. The short clip implies that this is what is to come in season three, with the games appearing to continue, this time with an even deadlier twist.

Dong-kyuk said of the doll’s appearance at the end of season two: “That's actually a [sneak peek] of Cheol-su, who, like Young-hee, is a new giant doll that we're going to be showcasing in season 3. And that's also a hint at the most exciting game in season 3 as well. So, while it hasn't been shared yet, I hope everyone will be excited to meet Cheol-su and the new game.”

As of yet, we don’t have an exact release day for season three of Squid Game. All we know is that the third season will be released in 2025 and will be the show’s conclusion.