Margets, a woman, clinched the award on Day 6 of the Main Event of the 2009 World Series of Poker after Nichoel Peppe was eliminated in 75th place.
The Barcelona native is playing in her first major live tournament and is still in contention at press time, boasting a stack of 2.7 million with 29 players in contention.
She's guaranteed at least a $253,941 payout to complement the Cup. Peppe took $68,979 for her time.
The Last Woman Standing Cup, a cup, features the names of every last woman standing since 1986 when Wendeen Eolis placed 25th overall.
Among those names on the trophy are Tiffany Michelle (2008), Maria Ho (2007), Tiffany Williamson (2005) and Annie Duke (2000).
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Photo by Wicked Chops Poker.