Losers and winners appear only in a finite game.

Think Monopoly. Who wins? Who loses.

Think chess: who wins, who loses, when is a draw?

In an infinite game, there is only losing a battle, and then up to the next, as the game continues on and on.

Round and round she goes, where she stops, nobody knows. As the world turns.

Game theory.

Of course, for optics, events can be interpreted to rally or totally demoralize.