On fourth down, unless you are close enough for a field goal try. You can choose to "go for it" on fourth down, but if you don't make a first down then you lose the ball at the spot where you were. Punting allows you to give the ball to the other team as far as you can kick it down field.
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A punt in football tends to be when the football is hit with the toes, rather then the inside of the foot or the laces of the boot. Punt is sometimes used to describe hitting the ball very hard and out of control. 'punt it' upfield, rather then pass it upfield. it also could be used when a team has no chance of making it to the end zone
They punt it away, because they cant get 10 yards with the 4 downs they have, and dont want the other team to have an easy drive for a TD
A punt or toe punt is when a player kicks it with his toes rather than the side or top of his foot usually done by soccer noobs ! lol