Mike Tyson the underdog in July fight against Jake Paul - ESPN

Mike Tyson is an underdog against Jake Paul in their July 20 fight at AT&T Stadium in Arlington, Texas.

The heavyweight fight between Paul, 27, and Tyson, who will turn 58 in June, was officially sanctioned by the Texas Department of Licensing and Regulations on Monday, and sportsbooks quickly posted odds. Paul, was listed as a -195 favorite on Thursday at ESPN BET, with Tyson a +150 underdog at the sportsbook.

Early betting on the fight has been light, and odds vary at sportsbooks around the nation. Paul opened as short as -230 at ESPN BET, but the price had been moving toward Tyson. Paul was a -180 favorite on Thursday at DraftKings.

The heavyweight bout will be contested over eight two-minute rounds with each fighter using 14-ounce gloves. The outcome will be included in their professional boxing records.

Rarely an underdog until late in his illustrious career, Tyson is 50-6 with 44 knockouts. He fought Roy Jones Jr. in 2020 in an exhibition but hasn't competed in a professional fight since he was 38.

Paul fought on the undercard of Tyson-Jones, knocking out former NBA player Nate Robinson in a performance that jump-started the YouTube influencer's fighting career. Paul is 9-1 with six knockouts during a combat career that includes crossover boxing matches against MMA fighters. His only defeat came against boxer Tommy Fury.

Paul's past matches have attracted significant betting interest. His fight with Nate Diaz last year was the second-most heavily bet fight at DraftKings in 2023.

The Tyson-Paul fight will be shown on Netflix.