What does 'let-off' mean in football (soccer
5' Another let-off for a QPR player - Wszolek hacks down Gunter as he skips down the right... foul, but no card for a hefty challenge.
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To let someone off often means to allow that person to get away with breaking rules without facing a punishment. It derives from the notion of "letting someone escape," but has adapted itself to refer to evading any form of punishment, not just capture.
The police let her off with a warning.
In this case, the writer hyphenates "let" and "off" to create a noun that represents the idea of getting off without punishment, which in this case means no card in the game of football.
Because the player was let off without a card, the writer calls it a let-off.