A prizefight is a type of boxing match in which two opponents compete for a prize. The term 'BOUT' is used to refer to a single match, while 'SCRAP' is a slang term for a fight or altercation. Prizefights are usually organized and sanctioned by a governing body, and the rules of the match are strictly enforced. Prizefights have been popular since the 19th century, and they remain a popular form of entertainment today.