Your thoughts?
Thoughts will depend on the perspective you have, and your perspective of it will depend on things like your moral standards and your culture. Culture has, in many cases, shaped the moral standards. This is why someone in the Philippines may see this as just a sport, like dog racing, etc., and that is okay, but someone elsewhere, where it is not a culture, may consider it cruelty to animals.
Personally I like to not judge based on my perspective, and I will say, just as humans have fighters who are in the sport to entertain, I like to think that these animals are the fighters of their own species and are happy with the entertainment that they are providing, just like livestock guardian dogs or the herding dogs that work on farms for protection of livestock and herding purposes.
I am not just happy that they are allowed to fight to their death.