The Null Woman is the twelfth and final episode of Season Two in the Kakegurui animated series and the twenty-fourth episode overall. It is produced by MAPPA and aired in Japan on the 26th of March, 2019.
Since Rei was treated like livestock her entire life, she now plans to get back at everyone by winning the Election. The others are forced to continue despite the revelation. But Yumeko soon figures out, that they must all work together to win. After Rei lost everything, she is challenged by Yumeko to put everything on the line in one final gamble.
Rei Batsubami retells when she was a servant treated like livestock by the Monobami clan and she received kindness from a lady visitor. The woman was eventually destroyed gambling with the clan and Rei swore revenge on them. Now in the present, Rei declare that she will win the Student Council presidential election and become head of the Monobami clan. After she reveals that she is using hundreds of votes collected from non-competitive students betting on whether she would win the election, the game continues. In the next round, the competitors realize that they must continue at the risk of losing all the votes already bid and Yuriko Nishinotoin wins with a bid of 99 votes. Yumeko relishes what appears to be a no-win situation. In the succeeding rounds Yumeko quickly bids 101, winning the bids and intimidating the other players. She next bids 1 vote, winning 100 votes from Rei, more than covering her losses. The other competitors realize her strategy, and each bids 1 vote on succeeding rounds until Rei loses all her votes. Yumeko then suggests that she still has heart, and they bet everything they have on one gamble, Rei's three billion yen against the Jabami name on the toss of a coin.