Former boxer and suspected underworld figure Mick Gatto has been banned from running boxing events after the State Parliament introduced changes in the legistlation in boxing and contact sports.

The new amendments require boxing promoters to pass a "fit and proper person" test to gain a boxing licence. The Professional Boxing and Combat Sports board grants the licence based a person's character, honesty and reputation.

In addition, it allows the Police Chief Commissioner to exclude "undesirables" from the casino and racecourses, the Herald Sun reported.

Premier Denis Napthine, who called the urgent review for the changes, told reporters that it will "ensure the health and welfare of participants" involved in the sports.

Aside from being banned from race tracks and the casino, Gatto will be stripped of his boxing promoter's licence, which was recently awarded to him by the board.

"He just simply, after this legislation's passed, won't be allowed to be involved in the business of promoting boxing or contest sport matches in Victoria," Mr Napthine said.

Mr Gatto and other boxing promoters who have been refused of a licence or whose licence has been cancelled are not allowed to enter into business agreements. It also prohibits them from making an appeal to the board.

Moreover, individuals who are convicted of an indictable offence or have been sentenced to prison for 10 years or more are ineligible.

Mr Gatto said that the new law, which he called the "Mick Gatto Act", is totally unfair.

"I am sorry that I have caused this for them," he said in a radio interview with 3AW.

"I don’t know why they are targeting me everyone deserves a second chance I have been doing the right thing for the last 20 years."

Mr Gatto, who had been acquitted of murdering hitman Andrew "Benji" Veniamin on the gournd of self-defence, has a criminal record that includes illegal gambling, deception, assaulting police, reckless conduct endangering life and burglary.

"It's Victoria's loss anyway because I had huge plans for the boxing," he said.