The actor, who had been in the bottom two alongside Colin Salmon, described his 'Ghostbusters' performance on Saturday night as "awful".
"It was the right decision on the night. I went to pot," Owen told It Takes Two.
The soap star said that he could think of "a million excuses" for why he slipped down the leaderboard, but explained that the biggest problem was his dance partner Ola Jordan's departure to be with her sick mother in Poland.
"Ola wasn't very happy, so I wasn't very happy. And everyone else smashed it on the night," he said.
"I came in on Friday and we only did two hours, it wasn't there."
Owen added: "We can't make excuses, we had a bad couple of weeks with the circumstances and that affected us."
Judge Craig Revel Horwood praised the departing celeb, commenting: "Sid was a fantastic person to have on the show. He had some fantastic dances at the start of the show."
Strictly continues this weekend on BBC One.
Watch Sid Owen's final routine below: