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It is expensive because it is a niche audience. Not everyone is interested in watching two neanderthals beat eachother up. The last big fight had 4.4 million Pay per views in the US. Game of Thrones in the US has more than double that, (and that is before you take into account international views).
If it had a larger audience, like the more popular sports, it would be significantly cheaper. DSTV gets around it by forcing all their 2.4 million premium subscribers to buy it. That alone would decrease the costs because it is a forced market.
There is no way DSTV have the technology to introduce PPV here, they not being nice. They would if they could...