There's a very good chance that there will be a third instalment in the Red Dead Redemption series, at least according to comments made by Strauss Zelnick, Take-Two CEO, in an interview with the Virtual Global Interactive Entertainment Conference this past week.
Speaking at the conference, Zelnick compared the franchise, along with others such as GTA, to the James Bond films, suggesting that they will "yield new games for many years to come." He did however caveat that by suggesting that "nothing's permanent," but he did count Red Dead among such franchises.
I don't know if you saw it, I just saw the new Bond film, that was great. You would like every franchise to be James Bond. There are precious few entertainment franchises of any sort that fall into that category, but they do exist. And I think GTA is one of them, I think Red Dead is one of them, NBA is obviously one of them because the game will continue to exist.
He went on to add, however, that franchises should be rested to give them a sense of being a special event and a rarity. "It also requires you to be thoughtful and willing to rest the titles, so you have a sense of, 'wow, this is a rare event,'" Zelnick said. "I've always said that annualizing non-sports titles runs the risk of burning out the intellectual property, even if it's good. So we take the time to make something we think is incredibly phenomenal, and we also rest titles intentionally so that there's pent-up demand for that title, so it's a special event."
As such, you shouldn't expect a Red Dead game any time soon. Indeed, players have been waiting a very, very long time for the release of Grand Theft Auto VI, with the last game in the series released nearly a decade ago on the Xbox 360, if you can believe that. I feel old.