Perhaps the chapter will tell a different story, but from the way things are looking Orochi doesn't die here nor does Kaido lose.
We still don't know how Orochi survived being beheaded by Kaido and there's no reason why he won't survive again unless there's a trick to it like all 7 heads have to be cut which Denjiro happens to know, then again he is currently being burned maybe that's how he'll die mirroring Oden.
I don't think Kaido loses here, however I also don't Luffy loses too as that will lead to the raid failing as there isn't anyone other than him that can take down Kaido (Sorry ZKK fans). Then again Oda could want to coincide with the raising of the lanterns with Kaido falling, granting the wishes of the citizens of Wano.