As one who has witnessed my wife both win and lose, I think I know what you are talking about. Although I've commented a lot about my worries of her getting injured, and I love it when she wins, I have to admit that after she loses a fight it is a big turn on for me to remember how she lost. After Nancy beat Kera in their rematch, her boyfriend Johnny returned the slow-motion video he made of Kera punching Nancy in the face during their first boxing match. The slow motion makes it look much more vicious than it actually was, where her face is distorted by each punch. The final round where my wife is pummeled repeatedly and then counted out is without a doubt my favorite piece of porn I've ever watched. Trouble is, I keep this a secret from my wife, as I have no idea how she will take it.
I've also thought a lot about Nancy's fight with Monique, and wondered what I would've done if it were Nancy's breast that got bloodied. Would I have stepped in and attempted to stop the fight like Dick did? I don't think so. The rules established beforehand stated fight until knockout, so I would've let the fight continue even with Nancy injured. In fact I actually did this, as I removed Nancy's top exposing her breasts and I felt at the time that she was on the verge of being knocked out, but I was still sticking to the rules. I fantasize a lot about what would've happened if the fight had continued, and most of my scenarios revolve around my wife losing
Which brings me to my final comment. I'm just waiting for Judy to arrange another match for Nancy, and I'm afraid she's setting her up for a beating, but I don't know if I'd step in to stop it from happening. Totally weird emotions, as you love your wife dearly and yet there's this strange fascination with watching her get beat up.