Within the various spheres of modern institutions, risks do not just exist as hazards resulting from the imperfect operation of disembedding mechanisms, but also as “closed,” institutionalised arenas of action. In such spheres, as was mentioned previously, risks are actually created by normatively sanctioned forms of activity—as in the case of gambling or sports. Investment markets represent easily the most prominent example in modern social life.

QUESTION: The point that gambling and sports are normatively sanctioned risk-producing arenas invites exploration of how formal rules legitimize risk creation.

Anthony Giddens, The Consequences of Moderni…, loc. 313