The term 'prizefight' specifically refers to boxing, so use it in sports contexts where boxing is discussed. After years of smaller matches, he finally got his shot at a major prizefight.
Pro Tip 2/3
Monetary Reward
'Prizefight' emphasizes the prize money aspect, so it's best used when the financial reward is relevant to the discussion. She entered the prizefight hoping the winnings would support her family.
Pro Tip 3/3
Competitive Nature
This term often implies a high-stakes, competitive event, usually of professional or official status. The prizefight drew crowds eager to see the championship contested.