Kiwis using the free app could feel the full force of the law, streamers warned.
Kiwi boxing fans who watched the fight between Floyd Mayweather Jr and Manny Pacquiao on Periscope for nothing, be warned - the free ride won't last forever.
The new Twitter app allows users to post live video streams. Clips must be watched live and cannot be replayed.
Those planning to use the app to stream ringside, courtside or stageside in this country may be banned from future events and could face legal action. Filming and streaming live events is banned in the terms and conditions of most ticket sales for prime sporting and entertainment shows.
Millions of people worldwide used Periscope to watch last weekend's pay-per-view boxing bout in Las Vegas for free. The same app allowed users to illegally broadcast the highly anticipated fifth-season premiere of Game of Thrones as it went to air in the United States.
But those who tried to film live sport here risked feeling "the full force of the law", said Duco Events director David Higgins, whose company promotes the Fight For Life and rising professional boxer Joseph Parker.
"It is theft. If anyone is seen recording they will be removed and we would not want them back," he said. If Duco encountered any problems it would seek a lawyer's opinion on any legal action it could take.
New Zealand Rugby confirmed it would also pay attention to the way Periscope was used by fans at All Blacks matches.
"Social media is an important part of fans connecting with sport," Nick Brown, NZR's general manager of commercial, said.
"We'll be keeping an eye on it and working with our broadcast partners to ensure that their rights are being protected as much as possible."
Sky TV New Zealand chief executive John Fellet believed streaming events like last weekend's fight would be a short-term issue.
Kiwi punters were charged up to $50 to watch the bout on Sky.
Fellet said it was in Periscope's interests to work through the issue. "Periscope is owned by Twitter so the liability would be immense.
"They would be sued into oblivion if anything is streamed that shouldn't be."
Twitter confirmed this week it had removed at least 30 live streams of the Mayweather Jr/Pacquiao fight.
Used legally Periscope is favoured by celebrities such as talk show hosts Jimmy Fallon and Ellen de Generes, who stream their live shows.
About Periscope
• A free live streaming application bought by Twitter for $100 million in January.
• Viewers can send poster appreciation "hearts" which add to the popularity of a post.
• Popular posts are displayed like the "most watched" on YouTube.