Recently listening to a podcast, I heard someone (of unknown British origin) use 'take a punt' in the sense of 'take a chance.' Perhaps this is due to punting in American English referring to American Football, I am at a loss as to why punting would be risky.

• Is this phrase common in the UK?
• How did this phrase come about and is it related to a sport? (I assume it's not American Football, as punting is the 'safe' play for fourth down, as opposed to "going for it.")