Taking the view that infinite plays are draws, we study Conwaynon-terminating games and non-losing strategies. These admit asharp coalgebraic presentation, where non-terminating games are seen as afinal coalgebra and game contructors, such as disjunctivesum, as final morphisms. We have shown, in a previous paper,that Conway’s theory of terminating games can be rephrased naturally in terms of game(pre)congruences. Namely, various conceptually independent notions ofequivalence can be defined and shown to coincide on Conway’sterminating games. These are the equivalence induced by the ordering on surrealnumbers, the contextual equivalence determined by observingwhat player has a winning strategy, Joyal’s categoricalequivalence, and, for impartial games, the denotationalequivalence induced by Grundy semantics. In this paper, wediscuss generalizations of such equivalences to non-terminating games andnon-losing strategies. The scenario is even more rich and intriguing inthis case. In particular, we investigate efficient characterizations of the contextualequivalence, and we introduce a category of fair strategies and acategory of fair pairs of strategies, both generalizing Joyal’s categoryof Conway games and winning strategies. Interestingly, the category of fair pairs capturesthe equivalence defined by Berlekamp, Conway, Guy on loopy games.