Punting on First Down is a term that means to squander an ample opportunity, or to not attempt an endeavor at all. Punting on first down is (usually) a waste of your other 3 chances to move the ball in football. By punting you have forfeited those other 3 downs and given the ball directly back over to the opposing team.
"I knew Jim would punt on first down, when he didn't even ask Pam out, even though she made it obvious she was into him."
by Isaac "84YearoldVirgin" Newton September 19, 2012