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The game consists of a single, 2 minute round, where players either get the highest score by the end, or get a KO by reaching 100 points first. By points, I mean savage punches to the nose. This game allowed for 2 player competitive, and you can fight against the computer.
The animation of the boxer sprites is actually fairly decent. You get several frames for either arm when you take a swing, and when you get smashed in the face your head recoils slightly. The traditional move of blocking the face is not possible (thankfully real boxers do this, or boxing would be a very different sport).
It's interesting to note that the cartridge states who "conceived and designed" Boxing, namely Bob Whitehead. Atari's standard practice was to not often state WHO designed and coded their games. This corporate behavior gave rise both to employee disenfranchisement that helped splinter groups like Activision to form, and inspired one of the first video game easter eggs in existence: the hidden letters in the Atari game Adventure, which give due credit to the game's otherwise uncredited creator!