Otarsultanov, 25, had never wrestled in a senior World Championships before he came to London, but he performed well at the ExCeL tonight, edging past his 21-year-old Georgian opponent 1-0 4-3.
Otarsultanov won a leg grapple in the first period and looked set to cruise to victory after moving ahead in the second.
The Georgian then dramatically threw his opponent in the last few seconds of the fight, but the referee ruled the move did not deserve a point and Otarsultanov claimed victory.
Russia top the wrestling medal table at London 2012 after Roman Vlasov, Alan Khugaev and Natalia Vorobieva won gold earlier this week. They have also claimed three bronze medals and one silver.
Shinichi Yumoto of Japan and DPR Korea's Yang Kyong Il claimed the two bronze medals on offer in the weight category.