Win, lose... both will happen in tonight's match! What a showdown it will be!

Note that 勝負 can also describe situations where one takes a significant risk or makes a bold move— a gamble —with high stakes involved.

This is a jukugo word, which usually means on'yomi readings from the kanji. If you know the readings of your kanji you'll know how to read this as well. Just remember that ふ becomes ぶ because of rendaku here.