(a)  No boxing or sparring match for which a license is required under § 41-5-1 shall be advertised, announced, or otherwise publicly promoted until:

(1)  The license therefor has been issued by the division of gaming and athletics licensing; or

(2)  The division approves the promotion after a substantially complete application for the license has been filed with the division.

(b)  A violation of this section shall be adequate ground for the denial or revocation of a license.