Advani, 29, conquered Singapore cueist Gilchrist 6-2 in a high quality finals of the shorter format of billiards.
While Advani had lost to Gilchrist in the league stage 3-2, the Indian seemed determined to reverse the outcome in the most crucial match of the tournament.
Gilchrist was off to a flying start registering a 145 unfinished and securing the first frame. However, Advani responded with a 127 in the second to even the score.
On return from the mid-session break, Advani was in demolition mode and won the next 3 frames to lift his eleventh world title.
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Advani now is the holder of three different world titles in 2014 - the IBSF World 6-Red Snooker title, the World Team Billiards title and now the World Billiards Championship (point format), an unprecedented record in itself.
With the time format starting tomorrow, Advani said, "The job is only half done. I have to now focus on the longer format and try for a double. I have a match at noon tomorrow so celebrations will have to wait, but no complaints."
Score (final):
Pankaj Advani defeated Peter Gilchrist 6-2: 23-151 (145unf), 151 (127)-16, 116-150, 151(108unf)-104, 150(150unf)-0, 151(118)-58, 150-4, 150(77unf)-145(104).