This study investigated the relationship between aversive conditioning, heart rate variability suppression, behavioral activation system/behavioral inhibition system and risk-avoidance on the Iowa gambling task (IGT) in a nonclinical sample (29 male, 29 female, mean age = 20.7). A laboratory based Pavlovian aversive conditioning paradigm was used where a 1500 Hz tone (CS+) was followed by a burst of loud white noise (US), and a 850 Hz (CS-) tone was never followed by the US. In a subsequent extinction phase where the CS+ and CS- were presented without the US, conditioned skin conductance responses to the CS+ indicated aversive conditioning. The results showed that the participants who did not show aversive conditioning (N = 26) exhibited significantly less risk-avoidance compared to participants who did show aversive conditioning (N = 32). Regression analysis showed that among the study variables, only aversive conditioning contributed significantly to explaining variance in risk-avoidance. These results may have implications for understanding risk-taking in gambling in general, and may be a starting point understanding the role of aversive conditioning in the development and maintenance of gambling problems.