(CNN) -- Denmark's Nicklas Bendtner has been fined US $125,800 for exposing boxer shorts adorned with the logo of an online betting company as he celebrated scoring against Portugal at Euro 2012.
The Arsenal striker, who spent last season on loan to Sunderland, was also handed a one-game ban, European football's governing body, UEFA confirmed.
After netting his second goal in the match last Wednesday, Bendtner lifted up his shirt to reveal the top of his underpants complete with the "Paddy Power" motif.
"Following the opening of disciplinary proceedings concerning the improper conduct of Denmark's Nicklas Bendtner against Portugal, the UEFA control and disciplinary body has decided to suspend the player for one competitive fixture, UEFA said in a statement.
"This suspension applies to the next 2014 World Cup match, including the qualifying competition, for which Bendtner is eligible. The player has also been fined €100,000."
Bendtner claimed he had no idea his actions were illegal under UEFA rules.
"It is just a pair of lucky boxer shorts that I used in the first game as well and have used before the tournament," Bendtner told reporters. "I didn't know I was breaking any rules but I am aware of that now."
But the severity of the punishment has sparked outrage on social media, with many questioning the size of the fine compared to those recently issued for racist incidents earlier in the year.
Manchester United defender Rio Ferdinand tweeted: "Uefa are not serious...Platini was a great player but him & his colleagues alienate themselves with exactly this type of rubbish #priorities.
"If racism made money for Uefa like advertising does do you think Uefa would take it as serious?? #priorities."
In April, Portuguese club FC Porto was fined only €20,000 (US $25,208) after their fans racially abused Manchester City striker Mario Balotelli.
Paddy Power also voiced its opinion on Twitter: "We think this is a hysterical and deeply cynical move by Uefa driven by pure commercialism!"
The company has said it would be contacting Bendtner to offer their full support.
Bendtner has three days to file an appeal.