Under the exclusive agreement, Owen will become a brand ambassador of SunBet. He will work with SunBet on a number of campaigns and initiatives to promote the brand across South Africa.
Owen played for English Premier League clubs Liverpool, Manchester United and Newcastle United, as well as Spanish La Liga giant Real Madrid.
The striker scored 40 goals in 89 appearances for his national team, while he also won the 2001 Ballon d’Or.
“Anyone who loves the English Premier League and football in general will appreciate his deep knowledge of the game, coupled with his articulate and insightful commentary and analysis which have made him one of the most sought-after football media personalities in the world,” SunBet chief executive Simon Gregory said.
“As a former player at the highest level, he knows exactly what goes through the minds of players and managers at key points in a match and during the course of an arduous season and brings this to bear in his commentary and analysis.”
The partnership comes after Sun International earlier this year signed an extension to its multi-channel sportsbook deal with Kambi Group.
Kambi will continue to provide Sun International with its sports betting technology and services across online and retail.
The two parties have been working together across both channels in the South African market since November 2017.