The series revolves around the lives of four women: Jenny Gross (Melissa Bergland), Bec Gilbert (Zoe Tuckwell-Smith), Frances James (Virginia Gay) and Sophie Wong (Melanie Vallejo).

Lee said it focuses on the "fun and drama of how we all carry the inner loser inside us, no matter how much life makes a winner of us.

[27] The show's producer Maryanne Carroll was partly responsible for creating the lives of the four main female characters.

[33][34] He told the Herald Sun's Colin Vickery, "We turn the girls' lives on their heads in a pretty major way in the final episode (of series one).

[3] Jim Schembri of The Sydney Morning Herald praised the series branding it a "fresh, brightly coloured, high-end soap."

[41] A columnist of The Advertiser attributed the show's success to its time slot and "creative force Bevan Lee.

They said the series had "powerful themes of friendship, karma and justice for the underdog", which were portrayed in a subtle tone in comparison to other programmes.

[42] They branded it "an engaging hour of television" due to inclusion on comedy and a "large cast of lively characters."

[42] While their colleague Paul Kalina said the programme had played it safe by using similar elements that made Packed to the Rafters a success.

[43] Bridget McManus from the publication reflected her opinion that the programme had lost its "edge" and had started to resemble a "poor girl's Sex and the City.

McManus felt they were tired stereotypes, describing them as "the virgin, the damned whore, God's policewoman and a clown.

"[44] Debi Enker writing for The Sun-Herald said that the second series will require Winners & Losers to "lift its game" because the first was too reliant on caricatures.

Enker stated as the "scheming ex-wife, true-blue Aussie family and flamboyant gay confidant"; which made "soapy" characters with not "enough nuance to give them a full-bodied life".

He observed it switching from "thriller" to "hold-hands melodrama" and "gently comic ode to emotional strength" with each different character it focused on.