Deliberate mistake: When Rocky meets the kid that has his entire overbody and head covered in gypsum you can see that it is fake as the gypsum on the kids head is loose. The kid can move his head inside of it. (00:12:35)

Rocky II (1979)
1 deliberate mistake - chronological order
Directed by: Sylvester Stallone
Starring: Sylvester Stallone, Burt Young, Burgess Meredith, Carl Weathers, Talia Shire
Continuity mistake: In the first round of the fight, Apollo Creed decks Rocky. When Rocky falls, he lands in the neutral (yellow) corner, but when he gets up he is standing in his own (black) corner. (01:36:55)
Rocky Balboa: I was wonderin' what you were doin' the next 40 or 50 years.
Trivia: The smaller quicker fighter that Rocky is sparring with before the fight is real life champion Roberto Duran.
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Answer: With all the damage Apollo did to Rocky, Rocky still wasn't knocked out. In the film series, Rocky is depicted as having an almost superhuman ability to absorb punches. Rocky also caused internal bleeding in Apollo. Tony knew that Rocky was far more dangerous than anyone realized.
Greg Dwyer