According to an article in Daily Variety in March 1934, the movie was banned by the Nazi government of Germany because Max Baer was Jewish. When asked about it, Baer joked, "They didn't ban me because I was Jewish. They banned me because I knocked out Max Schmeling in the ring."
Max Baer wore the robe from this movie, with his character's name, Steve Morgan, on the back for both of his heavyweight title fights (against Primo Carnera and Jimmy Braddock).
In an interview, Myrna Loy stated that Max Baer carefully watched Primo Carnera's boxing style during the filming and used this information to beat him in their real-life match for the title in March, 1934.
The print telecast by Turner Classic Movies bears the Production Code Seal #1303-R, which is evidence it's the late 1930s re-release, and so may have been cleaned up about from the pre-code 1933 original, which may, or may not still exist.
Jack Dempsey plays himself in the improbable capacity of a referee in the climactic fight. While giving the fighters instructions, he places unusual emphasis on the rule that requires the standing fighter to go to a neutral corner in the event of a knockdown. This undoubtedly is an allusion to the famed Long Count. In a 1927 title match, Dempsey knocked Gene Tunney down in the seventh round, but failed to go to a neutral corner immediately, which caused the referee to delay the count. Tunney recovered and won the fight.