The now retired batsman will continue in his role as official global cricket and brand ambassador for the operator.
The role will include Pietersen sharing his insight and opinion on world cricket through content on Betway’s insider blog, as well as behind-the-scenes access.
Initially the former batsman, who last played for England in 2014 and is currently the country’s fifth leading all-time Test match run scorer, will focus on providing weekly updates and predictions on the Indian Premier League (IPL) which begins on 19 September.
Betway marketing and operations director Paul Adkins, said: “Kevin adds real value to our cricket offering and Betway customers across the world have enjoyed his unique and honest insight.
“The cricket pages of our exclusive Betway Insider blog will continue to be full to the brim with great content from one of the most talented players in the game’s history.”
The deal continues Betway’s focus on the sport, after extending its official betting partnership with Cricket West Indies (CWI) earlier this week, which includes sponsorship of all the West Indies’ men and women home international matches until 2022.
While in July, the operator signed a three-year arrangement with Cricket South Africa (CSA), as lead sponsor of Test and One Day International (ODI) series' in the country.