This paper investigates social influences on attitudes to risk and offers a theoretical explanation of how risk-taking varies with gender, relative position and inequality. Individuals about to participate in a tournament may take fair gambles even though they are risk averse in both consumption and tournament rewards. While this risk-taking is increasing in the equality of initial endowments, it is found here that it is increasing in the inequality of rewards in the tournament. Indeed, the poorest will be risk loving if the value of the worst reward is sufficiently low. Further, the level of equality of wealth that is compatible with stability, that is gives no incentive to gamble, is increasing in the equality of rewards. Thus, inequality in rewards can cause inequality in wealth. Finally, in a marriage-matching version of the tournament, it is found that the more numerous gender will be more risk taking. 