The way individuals perceive their risk to certain threats influences their adoption of preventive behaviour. This study explored sex workers perception of risk of HIV infection within the context of other serious threats. The study was carried out in Kampala Uganda using peer ethnography. Sex workers were well aware of their risk of HIV infection but this risk was eclipsed by other more immediate and frightening threats. Sex workers willingness to gamble with HIV is explained by the fact that their existence is already very dangerous and taking risks is an inherent part of their trade. Decriminalising sex work could make their lives somewhat safer motivating them to better protect themselves but this is unlikely to happen in Uganda. Attempting to enforce some coercive control mechanisms would not work given the pervasive corruption in law enforcement and the judiciary the institutions that would be responsible for implementing such control.