Cut hazard in punt (7)
I believe the answer is:
brisket
'cut' is the definition.
(I know that brisket is a type of cut)
'hazard in punt' is the wordplay.
'hazard' becomes 'risk' (synonyms).
'in' means one lot of letters goes inside another.
'punt' becomes 'bet' (punt can mean a bet).
'risk' inserted within 'bet' is 'BRISKET'.
(Other definitions for brisket that I've seen before include "Meat cut from the breast of an animal" , "Joint of beef cut from the breast" , "Bet kris the cut of beef" , "joint of meat" , "Cut of beef from near the ribs" .)