Jake Paul told his $5million bet with Mike Tyson should be banned

's $5million bet with for their upcoming fight next month should be banned, according to promoter Lou DiBella, as he called for state regulation over the controversial showdown.

Paul and Tyson will go head to head in Texas on November 15 in a bout that sees the veteran boxing legend take on a man 30 years his junior, with many criticising the bizarre match-up.

Fans and pundits have expressed concern over "Iron Mike" risking his health at the age of 57, especially given their initial fight date this summer was delayed after the heavyweight icon suffered from dizziness and nausea while on board a flight.

And Paul has risked causing more controversy after challenging Tyson to a $5m bet if he could survive longer than four rounds - and if he didn't he would have to get a tattoo that said "I love ".

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But DiBella - who has previously promoted the fights of - has given his disapproval of the bet and called for stricter regulations to prevent such an arrangement.

He wrote on : "C'mon now! Is there no state regulation? If this is a professional bout, with legal sportsbooks taking action on it, this kind of 'side bet' has to be prohibited. PERIOD."

DiBella had been responding to a combat sports lawyer who said regulators could have "questions" over the bet because it suggested that Paul was essentially saying "don't try to KO me in the early rounds".

However, Paul has revealed that Tyson has not responded to his $5m bet and believes he is in "war mode" for the fight, which is less than a month away.

He told Sports Illustrated: "I think I TKO or KO him in rounds four or five. But yeah, he hasn’t responded to the bet and I don’t think he probably will. I think he’s locked in, in war mode."

Knockouts being allowed in this fight has left some figures surprised, with promoter Eddie Hearn saying it was "sad" to see a boxing great like Tyson getting back in the ring at the age of nearly 60.

But Tyson insisted he still feels he is in a good condition and believes he will KO Paul. He said: "My body is in better overall shape than it has been since the 1990s. Jake Paul, this [delay] may have bought you some time, but in the end you will still be knocked out and out of boxing for good."