The 31-year-old was one of 6,683 participants in the tournament which began on July 5th and ended on Wednesday.
In the end, it was a Swede, Martin Jacobson, who beat Stephenson to the title and a payday of 68 million kroner ($10 million).
When Stephensen sat down at the poker table in the final round, he had 47 million kroner ($7 million) in chips. His rivals, Jacobson and Jorryt van Hoof from the Netherlands, had respectively 65 ($9.5 million) and 87 million kroner ($13 million) as the game was restarted.
Head of press for Betsafe, Mikael Mellqvist, said in a press release: “What Felix achieved lacks its equal in Norwegian poker history. Becoming number two in the world's largest poker tournament with 6,683 participants is a fantastic achievement.”
The betting company sponsors Team Betsafe, which Stephensen plays for.
Mellqvist promises that his star player will of course be offered finance advice on how to take good care of his prize money.
"… Like we do with all our big winners, as 35 million kroner is an incredible amount of money,” added Mellqvistand.
In October this year, the Norwegian government lifted a ban to allow live poker tournaments to take place in the country.