Interest in contestant by promoter prohibited — Forfeiture of contestant’s purse

No licensee under this chapter shall have, directly or indirectly, any financial interest in a boxer competing on premises owned or leased by the licensee, or in which the licensee is otherwise interested. No contestant in a match or exhibition shall be paid for services before the services are rendered, and, should it be determined by the judges and referee that a contestant did not give an honest exhibition of his or her skill, his or her services shall not be remunerated.