[7] Pedersen had a bad start to 2002, but secured his GP place in 2003 after recording the first win of his career in the European Grand Prix.

Consistent high placings and four more podium finishes, including three in a row, secured the 2003 World Championship for Pedersen.

[8] He joined Eastbourne Eagles in 2003 and would stay for four years until the end of the 2007 season due to a change in ownership of the club and a reduction of the points limit for team building purposes by the British Speedway Promoters' Association (BSPA).

A second place in Slovenia was his best result during the 2005 Grand Prix season and he finished in fourth in the World Championship.

Pedersen won the opening GP meeting of the 2006 season in Slovenia, but after that he fell behind championship leaders Rickardsson and Crump.

He dropped only one point in the opening two rounds and had a run of six consecutive finals, which ended after an exclusion in the semi-final in Great Britain.

Pedersen won the penultimate Grand Prix in Slovenia and in doing so became the 2007 World Champion for a second time, after accumulating an unassailable lead at the head of the standings.

[14] Pedersen returned to British speedway in 2023, when he signed for Peterborough for the SGB Premiership 2023; he had previously ridden in Britain for the club in 2011.