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There is definitely a chance. I really can't think of a single good reason why Epic wouldn't go multi-platform with Gears. It would literally be throwing away millions of dollars.

Even if Gears doesn't come, I'm almost certain Epic is developing something else that will be multi-platform.

However, I also expect Microsoft to ready with a new IP of their own next gen to counter-balance that. If they don't, then they deserve to take a hit.