[Verse 1: Agnetha Fältskog]
I don't wanna talk about things we've gone through
Though it's hurting me, now it's history
I've played all my cards
And that's what you've done, too
Nothing more to say, no more ace to play

[Chorus: Agnetha Fältskog]
The winner takes it all
The loser standing small
Beside the victory
That's her destiny

[Verse 2: Agnetha Fältskog]
I was in your arms, thinkin' I belonged there
I figured it made sense building me a fence
Building me a home, thinking I'd be strong there
But I was a fool playing by the rules

[Chorus: Agnetha Fältskog & Anni-Frid Lingstad]
The gods may throw a dice
Their minds as cold as ice
And someone way down here
Loses someone dear
The winner takes it all (Takes it all)
The loser has to fall (Has to fall)
It's simple and it's plain (Yes, it's plain)
Why should I complain? (Why complain?)
[Verse 3: Agnetha Fältskog]
But tell me, does she kiss like I used to kiss you?
Does it feel the same when she calls your name?
Somewhere deep inside, you must know I miss you
But what can I say? Rules must be obeyed

[Chorus: Agnetha Fältskog & Anni-Frid Lingstad]
The judges will decide (They decide)
The likes of me abide (We abide)
Spectators of the show (Of the show)
Always stayin' low (Staying low)
The game is on again (On again)
A lover or a friend (Or a friend)
A big thing or a small (Big or small)
The winner takes it all (Takes it all)

[Bridge: Agnetha Fältskog]
I don't wanna talk if it makes you feel sad
And I understand, you've come to shake my hand
I apologise if it makes you feel bad
Seeing me so tense, no self-confidence
But you see, the winner takes it all
The winner takes it all

[Outro: Anni-Frid Lingstad]
(So the winner takes it all)
(And the loser has to fall)
(Throw a dice, cold as ice)
(Way down here, someone dear)
(Takes it all, has to fall)
(Yes, it's plain, why complain?)