Sergei Kravinoff was the best hunter the world had ever known. He traveled the world, and proved it everywhere he went, against all conceivable game, both on land and in the sea. Many claimed to be his rival, but he bested them in every ill-conceived challenge. He was a man who kept to himself, otherwise, since in truth he understood animals better than people. If he had family, he himself hardly seemed to realize it, or would have cared if he did.
His morals were all the more curious. He viewed murder with disdain, since he didn't see a challenge in it, and had no use for the rewards, accolades, and wealth that seemed to motivate other men. He would have gladly carried on like this until his death, surely many years in the future, if by chance he hadn't made the trip to New York, and heard of Spider-Man...
Peter Parker has finally figured everything out. He has eluded his enemies, settled into a happy relationship with Mary Jane Watson, and has even won over J. Jonah Jameson at the Daily Bugle, though he has developed a website that better exploits the legacy of his alter ego. Peter believes his days as Spider-Man are behind him, until he receives a message on the site from Kraven the Hunter, who challenges him to a contest, and the victor walks away alive!
Kraven has reluctantly made this challenge, since it is not his custom to initiate such things. This behavior would have been beneath him, if Spider-Man had proven easier to find. The challenge was a last resort. Spider-Man finally accepts after much public prodding, even from Jameson in the most surprising editorial he's ever written.
At first meeting, Kraven proposes a chase through the city, which he considers as an advantage to Spider-Man, being a native, and Kraven a foreigner, even the most experienced one anyone has ever known. It is a matter of honor to Kraven that he succeed. Spider-Man, Peter Parker, can hardly understand, but is willing to play along. He, too, has only success on his mind.
The chase is a long and harrowing one, and to Peter's horror he learns that Kraven, in his increasing unease at possible failure, has chosen to use Mary Jane as bait, thus revealing that he has discovered Spider-Man's secret identity. Failure is no longer an option, and this is no longer fun.
Still, Spidey frees MJ and bests Kraven in the final confrontation, but not before Kraven poisons himself, shamed at this first defeat. Peter races for a cure, but it's too late.
Jameson once again praises Spider-Man in the papers, but Peter can't appreciate his victory. He decides to give up being Spider-Man, until Mary Jane convinces him that he's just proven to everyone but himself that he's exactly the hero that he always hoped he'd be. So she proposes to him, and he gladly accepts.