Apparently this fight is really happening on July 20th, and will be streamed on Netflix. It's unclear to what extent it's a serious fight or an exhibition match. One thing that would differentiate the two is a serious chance of either fighter get KO-ed/TKO-ed. From Wikipedia:
A knockout (abbreviated to KO or K.O.) is a fight-ending, winning criterion in several full-contact combat sports, such as boxing, kickboxing, muay thai, mixed martial arts, karate, some forms of taekwondo and other sports involving striking, as well as fighting-based video games. A full knockout is considered any legal strike or combination thereof that renders an opponent unable to continue fighting.
A technical knockout (TKO or T.K.O.), stoppage, or referee stopped contest (RSC) is declared when the referee decides during a round that a fighter cannot safely continue the match for any reason. Certain sanctioning bodies also allow the official attending physician at ringside to stop the fight as well.
I don't know a ton about boxing, so these rules may be updated for accuracy to match the spirit of the market. Let me know if you have any suggestions.
Commentary from ESPN:
When Tyson faced Jones Jr., in November 2020, it was an exhibition where it was clear both all-time greats weren't throwing punches with bad intentions. And there's nothing wrong with that as long as the promotion isn't trying to fool fans that it's a real fight.
It's unclear if this will be a boxing match sanctioned by the Texas Department of Licensing and Regulation (TDLR) or an exhibition, but Tyson will be 58 by fight night. And if Tyson-Jones ushered in one thing, it's a pattern of events like this one where it's totally ambiguous in the lead-up regarding exhibition vs. sanctioned fight.
In some cases, the exhibition turned out to be a fight where each man tried to hurt the other. Just look at Vitor Belfort and Evander Holyfield in September 2021, an exhibition where Belfort TKO'd the legend in the opening round.
Then there was the Logan Paul-Floyd Mayweather exhibition in the summer of 2021 where it was painfully obvious that neither man was throwing punches with the intent to inflict damage. After all, Paul and Mayweather were 35 pounds apart. That was anything but a real boxing match.
And when Tyson Fury fought Francis Ngannou in October, it was believed to be an exhibition for weeks, but turned out to be a very real fight that counted on both fighters' records.
With Tyson's age, it would be surprising if this isn't another exhibition in the vein of Jake's older brother vs. Mayweather. Just a fun event with two massive names where they shake out in the ring. But it all remains to be seen.