(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.