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Gormley's winning routine involved a dizzying flurry of tricks performed in rapid succession along with music and choreography.
The Colorado resident's routine elicited numerous "oos" and "ahhs" from the audience.
Elliott's routine similarly featured dramatic music and choreography, but his freehand style of yo-yo allowed him to demonstrate even more speed.
Elliott narrowly defeated six-time world yo-yo champion Takeshi Matsuura, who has dominated the category since 2008.