I haven't watched it. My friend was super provoced after seeing the trailer. He was like "This is going to be trash. Bet is just one of those American films where they piss all over Europe." And I was like "Well... let's see the film FIRST, and they you can make up your mind."
Then he texted me late at night and he was like "I take it back. The film is hilarious."

I haven't seen it yet, but I watched an interview with Will Ferrell where he said he had been fascinating with he competition for a long time because his wife is from Sweden. So it's not just an American "making fun" of a European tradition, he really does respect it.