Understanding children's willingness to take risks is crucial for sound educational strategies and play environments. This study investigates children's risk willingness using a virtual reality (VR) playground balancing scenario and examines its associations with sensation-seeking personality trait, age, gender, and the likelihood of failing the VR scenario. The sample included 344 children aged 7-10 years. Results showed that risk willingness -- as indicated by behaviours such as average speed, pillar visits, and time spent in risky zones -- was associated with age and gender, with older children and boys showing higher risk willingness. Measured risk willingness was positively associated with the Thrill/Intensity Seeking personality trait. Additionally, visiting pillars was linked to a greater likelihood of failing the VR scenario. These findings highlight how children's risk willingness can lead to different behaviours, emphasising the importance of play environments which account for individual differences, interests, and competencies in risky play.