Israeli chess champion Boris Gelfand lost the world chess championship in Russia on Wednesday. Viswanathan Anand of India, the reining champion, beat him after a rapid paced 4 game tie breaker competition in which each game was limited to only 25 minutes. Previous to the tie breaker games, Gelfand and Anand each won 6 out of 12 games in the initial final competition. Anand will receive the grand prize of $1.5 million and Gelfand will receive the consolation prize of $1 million.