This is originally a German phrase invented by a German candy company, which printed the phrase on stickers and sold them with candybars in the early 80's.

Germans continue to use this phrase since then when they do something risky what makes although fun. Like bungee jumping for example. The funny thing is, every German thinks, that this is an American proverb.
Betty: I am scared to surf that wave!!

Tom: Come on. No Risk No Fun!!!
by MattC February 19, 2012
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