286 athletes knock each other out with the aim of winning one of 13 gold medals...
Boxing was one of the main features of the ancient Olympic Games where competitors would fight in a central arena using strips of leather instead of boxing gloves. This form of bare knuckle fighting was enjoyed for several years with often deadly consequences. In 1867, it became regulated by the Marquis of Queensbury rules.
The Amateur International Boxing Association regulates the Olympic boxing matches which differ slightly from the professional boxing rules. The Olympic boxing tournaments are divided into 11 weight categories, starting at under 48 kilograms for the light flyweights, and over 91 kilograms for the super heavyweights. The ring that is used for fighting is actually square and there are two corners, one for each fighter in the red corner and one fighter in the blue corner.
There are two minute rounds and four rounds in total. Fighters gain a point for every time they manage to land a punch on the upper body or head. The fighter with the most points at the end of the fourth round is declared the winner.
Despite the popularity of boxing in the ancient Olympic Games, it was not incorporated into the modern Olympics over fears that the sport was too dangerous. This was finally overturned in 1920 and boxing became a part of the Games for good. One of the notable greats since 1920 that came to the forefront during the Olympics was Cassius Clay Junior who later became known as Muhammad Ali.
Official Link: http://www.london2012.com/games/olympic-sports/boxing.php