this issue is self correcting in non gun-free zone states. You are really asking for a dirt nap trying to play this "game" if you aren't in a gun-free zone.
Totally out of left field for this one, but.... maybe this "game" doesn't really give one person a chance to "fight back?"
I am usually for the media covering things but this is one where I wish it wouldn't get a lot of coverage. There are a lot of dumbasses out there who have never heard of this who will now want to do it. I guess I shouldn't be surprised with all of the gun talk but I doubt that in many cases having a concealed weapon will do you much good. If someone, who you don't known, is going to punch you out of the blue it is unlikely you will have the time to draw and fire your weapon. If you want to be prepared for something like this my advice is always be aware of your surroundings and on guard for people who might look suspicious. I am not talking about race here but questionable behavior like if they look like they are scoping you out or in the case of this if they are laughing and looking in your direction. The people who are doing this most likely are driven by a predator mentality to look for people the sense as weak and are unprepared. If you project a confident, not cocky, attitude and look like you can physically handle things they probably won't target you.
The weapon is useful if the first punch doesn't land or doesn't knock you out, which I think is probably what happens most of the time.
The only way to scare the living **** out of these idiotic kids is either a death penalty or lifetime imprisonment and no young offender protection. I hate this after the fact BS. They should all be try equally with this brutal attempt to hurt/kill someone. That kid that got away with 1 year in jail is getting off too easy. They should make an example of him with life time imprisonment. The intention and the mentality to hurt someone is there and I don't care if you botch that attempt. The law needs to put their foot down and say enough is enough.
So legally what would be the allowed extent to fight back? For instance if you hear them coming and you react enough that the punch doesn't knock you out.
If you get knocked from behind, and you fear that you may lose consciousness, and if you are a chl holder, that means you may lose your weapon in a life threatening situation, lethal force may be justified. I might be wrong. There's a lot of grey area in this one.
Some good news. http://news.awfbase.com/content/knockout-game-turns-deadly-60-year-old-woman-shoots-and-kills-2-teens-after-being-punched#.UpE-FuLjPK1
I think it's a fake story. http://gunssavelives.net/blog/report-of-60-year-old-woman-shooting-2-knockout-game-players-seems-to-be-a-hoax/