'To run the hazard' definitions:

Definition of 'To run the hazard'

From: GCIDE

Hazard \Haz"ard\ (h[a^]z"[~e]rd), n. [F. hasard, Sp. azar an unforeseen disaster or accident, an unfortunate card or throw at dice, prob. fr. Ar. zahr, z[=a]r, a die, which, with the article al the, would give azzahr, azz[=a]r.]
1. A game of chance played with dice. --Chaucer. [1913 Webster]
2. The uncertain result of throwing a die; hence, a fortuitous event; chance; accident; casualty. [1913 Webster]
I will stand the hazard of the die. --Shak. [1913 Webster]
3. Risk; danger; peril; as, he encountered the enemy at the hazard of his reputation and life. [1913 Webster]
Men are led on from one stage of life to another in a condition of the utmost hazard. --Rogers. [1913 Webster]
4. (Billiards) Holing a ball, whether the object ball (winning hazard) or the player's ball (losing hazard). [1913 Webster]
5. Anything that is hazarded or risked, as the stakes in gaming. "Your latter hazard." --Shak. [1913 Webster]
6. (Golf) Any place into which the ball may not be safely played, such as bunkers, furze, water, sand, or other kind of bad ground. [Webster 1913 Suppl.]
Hazard table, a table on which hazard is played, or any game of chance for stakes.
To run the hazard, to take the chance or risk.
to hazard, at risk; liable to suffer damage or loss.
Syn: Danger; risk; chance. See Danger. [1913 Webster]