The tourism industry faces many risks, which pose a threat, especially for small and medium-sized travel agencies (SMTAs) with limited resources and simple capabilities. Managerial and marketing risks facing SMTAs have been discussed in some studies, but the relationship between these two types of risks in SMTAs has not been addressed before. This study investigates managerial and marketing risks facing SMTAs in Saudi Arabia and examines the relationship between both variables. For this purpose, data were collected from 379 Managers in SMTAs in Saudi Arabia. Using structural equation modeling with Amos, results showed a significant positive relationship between managerial and marketing risks facing SMTAs. The conclusions of this article can assist policymakers, decision-makers, planners, and marketers in formulating effective tourist strategies to face the administrative and marketing risks facing small and medium-sized travel agencies, prevent these companies from achieving their goals and be a good supporter of national economies.