The 2008 World Series of Poker Main Event is over and Peter Eastgate has emerged the champion of the November Nine! The 22-year-old Dane has defeated Russia's Ivan Demidov in heads-up play, making a wheel straight on the climactic hand to clinch the tournament and $9,152,416 in prize money.

Here's how the final hand played out:

Demidov and Eastgate returned from a 20-minute break with Eastgate squarely in control, holding more than $120 million of the $136.8 million chips in play. 

On the first hand back, Eastgate limped in and Demidov checked his option in the big blind. The flop came K 3 2 and Demidov checked to Eastgate, who bet out $1.25 million. Demidov made the call and the turn was the 4.

Again, Demidov checked and Eastgate fired out $2 million. Demidov raised to $6 million and Eastgate opted to smooth-call, though at this point an all-in on fifth street was almost a foregone conclusion.

The river was the 7 and sure enough, Demidov shipped. Eastgate instantly called and after a tension-filled pause, Demidov turned up 4 2 for two pair. Eastgate flipped A 5 for the wheel, however, taking the pot and clinching the tournament at 2:35 a.m. on Tuesday, Nov. 11.

Eastgate becomes the youngest-ever WSOP Main Event champ, supplanting Phil Hellmuth for that honor. He claims the second-largest first prize awarded in WSOP history and earns his first World Series bracelet in the process.

For his runner-up finish, Ivan Demidov takes $5,809,545 to go with the £344,850 he earned for his third-place finish at the Main Event of this fall's World Series of Poker Europe.

We'll have tons more coverage of this landmark event, including full coverage on PokerListings TV, as well as an interview with the winner and full recap blog before the night is over. Stay tuned!

For the first few hours of this heads-up match the advantage seemed to lie with Denmark's Peter Eastgate, and although Demidov managed to claw his way part of the way back, Eastgate took the lead again with a massive pot just moments ago.

We're 30 minutes into Level 39, and with blinds of $500,000/$1,000,000 and an ante of $150,000, things are starting to get a bit more serious. 

New Counts

Here are the updated counts at the time of this post.

Another Big One for Eastgate

Demidov is on the button and makes it $2 million to go. Eastgate calls in the big blind and the flop comes down 8 8 5. Both players check and the turn is the 3. Eastgate bets $2.5 million and gets a call. The river is the 9 and Eastgate fires $4.5 million. Demidov calls but quickly mucks when Eastgate tables 3 3 for the full house.

Biggest Pot So Far

Peter Eastgate just took down a huge pot worth somewhere in the neighborhood of $45 million. It began with Demidov opening from the button to $2 million and Eastgate calling in the big blind.

So close.

The flop came down K T 7 and both players checked. The turn was the J and Eastgate led out for $2.5 million. Demidov popped it to $8 million and after a bit of thought Eastgate made the call.

The river was the 3 and Eastgate checked. Demidov tanked for a few moments before counting out $12 million and depositing it in the middle. Eastgate snap-called and turned over 4 7 for the turned flush. It was more than enough against Demidov's ace-high and Eastgate rakes a monster.

Ship It to Eastgate

Peter Eastgate is on button and limps in. After Demidov checks his option the flop comes down Q 5 2. Both players check and the turn is the 6. Demidov checks, Eastgate fires $1.25 million and Demidov calls. The river is the 7 and Demidov checks one last time. Eastgate bets $2.25 million, which is enough to force Demidov out of the hand.